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1/23/17
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OC-based Community Preservation Partners (CPP) acquired Mountain View Senior Apartments, a 280-unit, rent-restricted apartment complex in Cathedral City. The price was not disclosed.
Built in the early 1980s, the property is a sprawling campus of 70 four-unit residential buildings, covering 20 acres of land. The homes are reserved for low-income seniors.
The purchase of Mountain View Senior Apartments represents both the largest number of units Community Preservation Partners has ever acquired in a single purchase and the largest deal of its kind to be supported by a U.S. Department of Agriculture rural affordable housing loan program.
Ric Russell with Cushman & Wakefield represented the seller, a private family trust.
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