(Mark Your Calendars: RealShare Apartments East, February 15th in Washington, DC).
SAN JUAN CAPISTRANO, CA-GlobeSt.com has exclusively learned that Foundation for Affordable Housing has completed the acquisition of the 200-unit Rancho Las Brisas Apartments in Murrieta, CA. The Foundation acquired the asset through a receiver, LNR Partners LLC for $19.9 million, or $99,500 per unit.
The property was previously purchased in 2006 for approximately $29 million but fell into receivership in early 2011. Built in 1989 and located at 40125 Los Alamos Rd. in Murrieta, Rancho Las Brisas Apartments totals 154,960 square feet with a mix of one-bedroom and two-bedroom units averaging 775 square feet.
The Foundation is converting the previously market rate Rancho Las Brisas Apartments into an income-restricted community while updating the property with capital improvements, modernized units, a fully renovated clubhouse, and revitalized common areas. The property was purchased in partnership with another nonprofit, Integrity Housing, and financed through 501(c)(3) tax-exempt senior and subordinate bonds.
Co-Founders Tom Willard and Deborrah Willard started Foundation for Affordable Housing in 1988 and have been active in the creation of over 10,000 units of affordable housing in communities throughout the US. In 2007, the Foundation developed a relationship with a company called SureHarbor LLC, a real estate advisory and asset management group located in Laguna Beach, CA that “focuses on repositioning owned assets, creating areas of opportunity for future acquisitions, and employing creative financing structures to maximize the benefit of the Foundation’s nonprofit status.”
The Foundation and SureHarbor have—thus far—focused their geographic area of interest on Southern California’s Inland Empire, Los Angeles, Orange County, and San Diego markets, Tanner Queen, real estate manager for SureHarbor tells GlobeSt.com. Since the inception of their relationship, Foundation for Affordable Housing and SureHarbor have acquired or repositioned nearly 1,100 units of multifamily housing.
SureHarbor is “championing the partnership’s efforts to create a fund focused on the acquisition of multifamily housing and expiring tax credit properties throughout the western US,” says RJ Miller, a principal at SureHarbor. “Future transactions will focus on value-add opportunities that will provide consistent and highly competitive returns to investors with the potential for significant tax benefits.”
SureHarbor is responsible for the asset management of Rancho Las Brisas and will work in conjunction with Riverstone Residential Group as the third party property management firm.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
