August 9, 2021

New Workforce Housing Fund Seeded With Pair of Las Vegas Apartments

LA’s Golden Bee Properties Expecting To Raise $30 Million from Investors


Golden Bee Properties, a Los Angeles-based real estate investment firm, has launched its latest workforce housing investment fund and seeded it with two recently acquired apartment properties in Las Vegas and an under-construction multifamily project in Los Angeles.

Founded in 2011, Golden Bee Properties is a full-service real estate asset management firm led by the father and son team of Isaac and David Berneman that invests in workforce housing across Southern California and Southern Nevada.

Its latest investment fund, CalNeva Workforce Housing Fund I, is seeking to acquire class B and C assets with value-add potential. It expects to raise $30 million from investors and acquire properties through 2023 for a five-year hold and a target return on investment of 13% to 18%, according to information available on its website.

As of July 2021, the fund had three recent acquisitions added to the fund as seed investments: the 56-unit Sunset Palms Park Apartments at 900 Doolittle Ave. in Las Vegas, which it acquired for $8 million or about $142,857 per unit; the 48-unit Sunset Park Apartments in Las Vegas, a former low income housing tax credit property at 1555 Balzar Ave. purchased for $6.7 million or approximately $139,000 per unit; and a 132-unit under construction multifamily property in Los Angeles acquired for $5.25 million.