Century Housing Buys CityView Senior Affordable Apartments for $66M

Century Housing has acquired CityView apartments in Wrigley area of Long Beach for $66.5 million. The 296-unit multifamily community houses seniors making less than 60% of the median area income.

Century Housing acquired the property using a non-volume cap real estate secured tax-exempt bond offering in combination with an unsecured privately placed AA- rated tax-exempt bond, which is a rare method to raise capital. The remainder of the capital stack included the issuance of two separate but coordinated 501(c)3 bond sales: a $48 million public execution with Wells Fargo as the underwriter and a $21 million private placement to Barclays through U.S. Bank as underwriter and placement agent. Century says that this buying structure will help to preserve the affordable rents, preserving low-income homes for nearly 300 seniors.