Heritage Park is located at 1098 Woodcreek Oaks Blvd. in Roseville, which is a northeastern suburb of Sacramento. The unit mix includes two-, three- and four-bedroom units averaging 946 sf. Community amenities include two swimming pools, a sport court, a clubhouse and a daycare facility.
It was built in 1992 using low income housing tax credits. Until 2047, the units may only be rented to people earning no more than 50% to 60% of the area median income.
"Heritage Park was a great tax credit re-syndication opportunity because the combination of below market rents and a lack of affordable housing in the affluent suburb of Roseville ensure that the asset will remain well occupied," says HFF's Atlanta-based managing director David Fournier, who led the sales team with HFF director Robert Ryan. "Investor interest in the asset was exceptional and the bidding process very competitive."
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