The City of Long Beach provided additional financing. A 528-unit HUD-financed apartment project built in the 1970's, Parwood Apartments will undergo complete rehabilitation. This will not only extend the affordability, but Related of Californian will be adding recreational and educational facilities to make Parwood a more desirable place to live, according to William Witte, Related's President.

This is the fifth property purchased by Related in a portfolio transaction involving 2,174 units. Other properties in the portfolio include: El Rancho Verde, 700 units in San Jose; Coronado Terrace, 312 units in San Diego; Plaza Manor, 372 units in National City; and Vista Terrace Hills, 262 units in San Ysidro. The portfolio value is estimated at over $200 million, and the term of affordability has been extended for 55 years.

Richard Knutson, CCIM, and John H. Leyvas, Jr., principals of Moison Investment Company in San Leandro, arranged the portfolio transaction on behalf of the Buyer and the Seller. Moison Investment Company, with offices in San Leandro and Los Altos, is a commercial real estate brokerage and advisory services group, specializing in multi-family investment properties in California. Moison Investment has been retained by The Related Companies of California for an aggressive acquisitions program.