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4/25/17
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OC-based Community Preservation Partners is purchasing Desert Oasis Apartments, a 90-unit affordable housing development in Indio, in an $11 mil transaction.
The property is located at 46211 Jackson St, south of I-10 near Hwy 111. The soon-to-be-renovated HAP-qualified development is comprised of one- and two-bedroom units.
Desert Oasis received 17 bids within 24 hours of being listed and was in escrow in just 24 hours. John Nguyen and Jesse Elsanhuty of Colliers’ affordable housing team are representing the buyer in the deal. It is being sold by a private investment entity, represented by First Team.
“The Inland Empire continues to be a strong market for investors, owners and others in this sector and this sale offers up even more proof of the growing demand for multi-family and other affordable investment properties,” said Nguyen. “Within a mere 24 hours, we not only had 17 offers, but closed the sale at a record price for a HUD project in the Inland Empire.”
In terms of sheer numbers, there are more than 1,400 Low-Income Housing Tax Credit (LIHTC) projects and another 10,000 Section 8 developments coming onto the market each month, swelling the number of new opportunities for investors seeking tax credits that are the primary motivating factor in financing, investing in, and owning existing and new affordable housing developments.
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