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528-Unit Multifamily Asset Sells for $40M

SAN LEANDRO, CA-Parwood Apartments in Long Beach, Calif., has been sold to The Related Companies of California for just over $40million. The Buyer secured financing through federal low income housing tax credits and tax-exempt bonds issued by the California Housing Finance Agency.

By Peter Landau | Updated on March 07, 2002

SAN LEANDRO, CA-Parwood Apartments in Long Beach, Calif., has been sold to The Related Companies of California for just over $40 million. The Buyer secured financing through federal low income housing tax credits and tax-exempt bonds issued by the California Housing Finance Agency.

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.

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