News Summary
The Parker Vista affordable housing complex in Anaheim has been sold for $108 million to BLDG Partners. This 392-unit complex aims to provide affordable living options for low-income residents, especially as the area experiences rising rents. Funded through a $82 million Fannie Mae loan, the complex integrates into the HUD Low-Income Housing Tax Credit program, ensuring affordability for units available to those earning 60% of the area median income.
Anaheim Welcomes Exciting News in Affordable Housing!
In a promising move for residents looking for affordable living options, the Parker Vista affordable housing complex has officially been sold for a staggering $108 million. This 392-unit complex, conveniently located just a few miles north of Disneyland, will continue to serve as a vital resource for those in need of affordable housing in the area.
Details of the Sale
The complex, situated at 1200 N. Robin St. in Anaheim, was sold to BLDG Partners, a well-regarded Beverly Hills-based company known for their commitment to affordable housing. The price tag breaks down to about $275,510 per unit, making it a significant investment in the community. BLDG Partners has a robust presence and manages properties in several states, including California, making them well-equipped to handle the complexities of affordable housing.
This sale was made possible through a generous $82 million Fannie Mae loan courtesy of NewPoint Real Estate Capital LLC, a Texas-based firm specializing in affordable housing financing. The terms of this fixed-rate loan include a seven-year duration with five years of interest-only payments, which means the new owners can comfortably manage their investment while maintaining affordability for residents.
A Home for Those in Need
Park Vista is a fantastic option for low-income residents, with eligibility set at 60% of the area median income or below. In a time when housing costs are rising, this complex offers an essential lifeline. To put it in perspective, rents for apartments in North Orange County have climbed to an average of $2,653, which is a notable increase of 3% from the previous year’s average of $2,577. The continued availability of affordable units at Park Vista is more important than ever!
History and Amenities
Originally constructed in 1959, Park Vista has not only stood the test of time but also undergone significant renovations in 2001. The complex sprawls over 20 acres and consists of 93 two-story buildings, showcasing units with an average size of 761 square feet. Residents can enjoy a variety of amenities, including a refreshing pool, inviting barbecue areas, and playgrounds for families, offering a pleasant living experience that enhances community spirit.
A Step Towards Long-Term Affordability
This transaction is deemed a major preservation deal in a high-cost market, reflecting a strong commitment to maintaining affordable housing options in the area. The integration of Park Vista into the U.S. Department of Housing and Urban Development (HUD) Low-Income Housing Tax Credit program further emphasizes the intention to keep rental prices reasonable for its residents.
What’s Next for BLDG Partners
BLDG Partners already owns a portfolio of affordable housing properties within Orange County that includes The Knolls (featuring 260 units) and Allure (offering 282 units), both of which also take advantage of the Low-Income Housing Tax Credit program. This acquisition of Park Vista adds another feather to their cap, especially in such a competitive housing market like Orange County.
As we continue to navigate the challenges of affordable housing, the sale of Park Vista comes as a ray of hope and stability for the Anaheim community. The commitment to long-term affordable housing, paired with the investment from BLDG Partners, is sure to bring positive changes not only to the new tenants at Park Vista but also to the surrounding neighborhoods.
In Conclusion
Ultimately, the sale of Park Vista stands as a beacon of hope and solution for many families struggling in today’s competitive housing market. With amenities that cater to residents and a future sustained by responsible management, it’s a win-win situation for the Anaheim community.
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Additional Resources
- Orange County Business Journal: 392-Unit Anaheim Affordable Housing Complex Sells for $108 Million
- REBusiness Online: NewPoint Provides $82M Acquisition Loan for Affordable Housing Property in Anaheim, California
- Orange County Register: Anaheim to Require New Rental Developments to Have Affordable Housing
- Disney Connect: DisneylandForward Community Benefits
- GlobeSt: Anaheim Creates Housing Trust Fund
- Wikipedia: Affordable Housing
- Google Search: Affordable Housing Anaheim
- Google Scholar: Affordable Housing Anaheim
- Encyclopedia Britannica: Affordable Housing
- Google News: Affordable Housing Anaheim
