(Read more on the multifamily market.)

ANTIOCH, CA- Meadowood, a 131-unit apartment community here has changed hands for $15 million, according to the listing brokerage firm, Arroyo & Coates. USA Properties Fund of Roseville acquired the asset from a private seller.

Meadowood was built in 1985 near intersection of Auto Center Drive and Sycamore Drive, near Barbara Price Marina Park. The community is composed entirely of two-bedroom units averaging approximately 770 sf in size.

USA Properties Fund obtained a new private activity bond issuance and Low Income Housing Tax Credits to assist in its acquisition. The group plans a major rehabilitation of the property and a rebranding to Riverstone Apartments.

Brokers David Silver and Nathan Blair had the disposition assignment. USA Properties Fund was represented in-house by its acquisitions director Bill Berdan.

USA Properties Fund specializes in affordable work force housing for families and seniors. Its portfolio totals approximately 9,000 units of family and senior housing in California and Nevada. The company serves as its own contractor and its subsidiary, USA Multifamily Management provides property management services to the communities USA rehabs or develops.

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