Joint Venture Acquires 165-Unit Woodbridge Manor Affordable Seniors Housing Community in Irvine, California
IRVINE, CALIF. — Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine.
Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year.
The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least 62 years old and those living with disabilities.
“Woodbridge Manor is significant to IHO because it was our organization’s first project and also the first low-income housing complex ever created in Irvine,” says Rochelle Mills, president and CEO of IHO.
Lument provided financing through the Freddie Mac CME program.
Marcus & Millichap’s Affordable Housing Advisors served as the undisclosed seller’s broker in this transaction, while Gerd Alexander of Paul Hastings and Laurie Grasso of Hunton Andrews Kurth served as counsel for the purchasers.