(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN LUIS OBISPO, CA-GlobeSt.com has learned exclusively that a nonprofit corporation controlled by a local of the United Brotherhood of Carpenters and Joiners of America has sold the Madonna Road Apartments, a 120-unit affordable-housing community here, to Vitus Group of Seattle for $10.5 million. The property was acquired using a combination of private activity tax-exempt bonds and low-income housing tax credits.
Madonna Road includes 120 garden-style units on a 7-acre parcel. Originally constructed as affordable housing, the asset includes one-, two-, three- and four-bedroom units that average approximately 983 rentable square feet. Common-area amenities include a managerial office, a community center, barbecue areas and a large central playground.
The seller was represented in the transaction by Nathan Blair and Barrett Bass of San Francisco-based Arroyo & Co.; the buyer represented itself. In addition to restructuring and extending the property’s affordability restrictions, Vitus plans a major renovation of the entire complex.
According to David Beacham, a director in Vitus’s San Diego office, “We knew this acquisition would mean managing a lot of complexity, but the development team—including the Housing Authority of San Luis Obispo, with assistance from HUD—helped make the project a success.”
As GlobeSt.com previously reported exclusively, in September Blair, Bass, David Silver and Ryan Wagner of Arroyo & Co., along with attorneys Ofer Elitzur and Kevin Kinigstein of Cox, Castle & Nicholson LLP’s San Francisco and Los Angeles offices, represented Westlake Realty Group in the sale of Townhouse Plaza and Gardens to Equity Residential, which acted on its own behalf. The 241-unit mid-rise/high-rise apartment complex located in downtown San Mateo was sold by for an undisclosed amount.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
