Search
 

Apt. Complex Fetches $47M Via LIHTC Bonds

HUNTINGTON BEACH, CA—Preservation Partners Development II LLCA and Cornucopia Services purchase Huntington Villa Yorba Apartments, an affordable-housing community here that will undergo renovation.

By Carrie Rossenfeld | Updated on April 25, 2014

HUNTINGTON BEACH, CA—A joint venture between Cornucopia Services and Preservation Partners Development III LLC has purchased Huntington Villa Yorba Apartments, a 198-unit, gated multifamily complex at 16000 Villa Yorba Lane here for $47.7 million from what GlobeSt.com has learned is Topa Management Co. The affordable-housing community was purchased and will be renovated through the use of Low Income Housing Tax Credit equity and tax-exempt bonds.

Situated on 11.5 acres and consisting of 16 two- and three-story residential buildings with one-, two- and three-bedroom units, the site is zoned for another 94 units, according to Irene Rivas, president of Cornucopia.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.