HUNTINGTON BEACH, CA—A joint venture between Cornucopia Services and Preservation Partners Development III LLC has purchased Huntington Villa Yorba Apartments, a 198-unit, gated multifamily complex at 16000 Villa Yorba Lane here for $47.7 million from what GlobeSt.com has learned is Topa Management Co. The affordable-housing community was purchased and will be renovated through the use of Low Income Housing Tax Credit equity and tax-exempt bonds.
Situated on 11.5 acres and consisting of 16 two- and three-story residential buildings with one-, two- and three-bedroom units, the site is zoned for another 94 units, according to Irene Rivas, president of Cornucopia.
“Huntington Villa Yorba Apartments is a beautiful, spacious affordable-housing development community in an affluent Southern California beach community,” says William Szymczak, president of PPD. “I was pleased that we were able to extend the Section 8, project-based HAP contract covering 192 of the 198 units for 20 years.”
Lender Citi Community Capital purchased the bonds and originated a $41.9-million Freddie Mac loan. East West Bank is the direct tax-credit investor and was advised by Affordable Investment Advisors LLC.
Icon Builders is the exclusive general contractor to PPD and is trusted to extensively renovate units and upgrade amenities. Preservation Partners Management Group Inc. will manage the transformed community, whose amenities will include four laundry facilities, playgrounds, a community center with a community picnic and barbecue area. GlobeSt.com has learned that the total anticipated construction cost for the project is $6.3 million.
According to Allen “Kelly” Sands, president of Icon Builders, “We particularly look forward to making positive improvements to the amenities and apartment homes that enhance the residents' experience of living in this community, while maintaining affordability.”
As GlobeSt.com reported in February, Iconhas completed construction of the Norwalk Tower, a 185-unit affordable senior housing complex in Norwalk, CA. The 100% section-8 complex will provide seniors age 62 and older who earn 50% of the area's medium income with an alternative and sustainable housing option.
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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.
