Lee & Associates Arranges Sale of 132-Unit Seniors Housing Project in Southern California for $8.7M
LANCASTER, CALIF. — Lee & Associates-LA North/Ventura has negotiated the sale of Aurora Village Apartments, a low-income seniors housing project in Lancaster.
The property is located in what city planners hope will be a “Medical Main Street” district for the city, which is north of Los Angeles in the western Mojave Desert area. It features 132 units on a 3.4-acre site within the city’s Amargosa Creek Master Plan, which envisions a mixed-use, pedestrian-friendly district with retail and medical amenities.
The seller, Aurora Village LP, was the original developer and used federal Low Income Housing Tax Credit funding to finance the project. Afton Properties acquired the community for $8.7 million.
Matt Benwitt of Lee & Associates-LA North/Ventura represented the seller in the transaction. Edward Mulflur of Re/Max Commercial represented the buyer.
“With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits,” says Benwitt. “The buyer will also benefit from the property’s location in an Opportunity Zone. Recent installation of solar electric and water heating systems by the seller presented an attractive package to the buyer.”