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ROSEVILLE, CA-MMA Financial, a MuniMae company has sold Heritage Park, a 328-unit affordable community here, for $30 million, according to the listing brokerage firm, Holliday Fenoglio Fowler. The new owner, St. Anton Partners of Sacramento, purchased the property using tax exempt bonds and low income housing tax credits.

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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