Hawkins tells GlobeSt.com that the property includes 104 units at below-market rents that are designated for affordable housing at the bond-financed complex. He and Peter Hauser of the Newport Beach office of Hendricks represented the buyer and the seller, who plans to roll over the proceeds into a 10-31 exchange.
Hawkins tells GlobeSt.com that the complex consists of 32 two-story buildings that were constructed in 1973 and underwent major renovations between 1999 and 2001. The wood-frame buildings include 140 one-bedroom apartments and 120 two-bedroom units.
Of the one-bedroom units, Hawkins says, 56 have 680 sf each, with a rental rate restricted to $602. The complex includes 72 one-bedroom units of the same size, with a market rent of $850, plus 12 market-rate, 825-sf one-bedroom plus den units that rent for $950. The two-bedroom units include 48 825-sf units with one bathroom that rent for the restricted rate of $675, plus 72 905-sf two-bedroom, two-bath units with a market rent of $995.
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