HUNTINGTON BEACH, CA—A joint venture between CornucopiaServices and Preservation Partners Development IIILLC has purchased Huntington Villa YorbaApartments, a 198-unit, gated multifamily complex at16000 Villa Yorba Lane here for $47.7 million fromwhat GlobeSt.com has learned is Topa ManagementCo. The affordable-housing community waspurchased and will be renovated through the use of LowIncome Housing Tax Credit equity and tax-exempt bonds.
Situated on 11.5 acres and consisting of 16 two- and three-storyresidential buildings with one-, two- and three-bedroom units, thesite is zoned for another 94 units, according to IreneRivas, president of Cornucopia.
“Huntington Villa Yorba Apartments is a beautiful, spaciousaffordable-housing development community in an affluent SouthernCalifornia beach community,” says WilliamSzymczak, president of PPD. “I was pleased that we wereable to extend the Section 8, project-based HAP contract covering192 of the 198 units for 20 years.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
