IRVINE, CA—NAI Capital's Multifamily Services Group recently represented the Cypress School District on an acquisition of two multifamily properties totaling 81 Units. The transaction totaled $26.7 million or $329,630 per unit.
Christopher Arvizu and David Knowlton, CCIM, SIOR, with NAI Capital Multifamily were represented the school district. The distict will use income generated by the properties to help fund educational programs.
Over the past five years the district has worked with the community to determine the best use for underutilized school sites. A community advisory committee, formed in 2011, developed a plan for six surplus property school sites. As part of that plan, two sites were identified for redevelopment and sold: Mackay Elementary School, which had been closed for over three decades, and Dickerson Elementary School that closed in 2009 due to declining enrollment.
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