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 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.

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