California Affordable Housing

Property Summary

Type: Affordable, age-restricted
Size: 86 units
Location: California

Acquisition Summary

Source: Off Market
Investment: $1.8 million
Ownership: Limited partnership interests

Transaction Overview

Equity Resource Fund 2017 entered into a joint venture with one of the largest affordable housing owner/operators in the U.S. (the sponsor) to acquire the limited partnership interest in an 86-unit, age-restricted (55+), affordable housing complex in Clayton, California. The property was built in 2002 utilizing low-income housing tax credits and an affiliate of the sponsor is currently the general partner of the existing partnership.

The transaction represents an opportunity to acquire a high quality, stabilized affordable asset at an attractive basis. The sponsor, who will directly manage the property, has extensive ownership experience in the affordable space and currently manages 81 apartment communities in the state of California.