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November 12, 2019
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Low-Income Senior Housing Project in Lancaster Sells for $8.65 Mil


Aurora Village Apartments, a 132-unit, low-income senior housing project located in what is envisioned to become Lancaster’s Medical Main Street, has traded for $8.65 mil, or $65.5k/unit. The community sits on 3.4 acres at 43862 15th St. West, just west of the 14 Fwy and north of Avenue K.

Aurora Village Apartments is just a short distance from Antelope Valley Hospital, within the city’s Amargosa Creek Master Plan which envisions a mixed-use, pedestrian-friendly district with retail and medical amenities. It contains all one- and two-bedroom units and features a pool and spa, BBQ and picnic area, among other amenities.

Matt Benwitt with Lee & Associates-LA North/Ventura represented the seller, Aurora Village LP, in the transaction. The buyer, Afton Properties, was repped by Edward Mulflur of Re/Max Commercial, Woodland Hills.

“The seller developed this project under the Federal Low Income Housing Tax Credit Program,” said Benwitt. With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits. The buyer will also benefit from the property’s location in an Opportunity Zone. Recent installation of solar electric and water heating systems by the seller presented an attractive package to the buyer.”

Created by the Tax Reform Act of 1986, the Low Income Housing Tax Credit Program (LIHTC) gives state and local agencies funding to issue tax credits for the acquisition, rehabilitation or new construction of rental housing targeted to low income households. Opportunity Zones, created by the Tax Cuts and Jobs Act of 2017, seek to promote investments in certain census tracts by offering other tax incentives.

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