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10/19/23
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Ridge Apartment homes, an 80-unit multifamily property in the Inland Empire city of Ridgecrest, sold for $3.85 mil ($48.1k/unit). The property is located at 400 Cisco St, east of Hwy 395 and north of Hwy 78.
Ridge Apartment homes features a mix of two- and three-bedroom floor plans. Community amenities include an outdoor pool and playground. The community is located east of North China Lake Blvd and close to shopping and dining options.
The property operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program. The new owner will maintain the affordable restrictions through the extended use period, including operating the property in compliance with state and federal regulatory agreements.
Calif. Cray Carlson with CBRE represented the institutional seller and buyer in the transaction.
According to Carlson, the property was in escrow for over a year as HUD deals can be very complicated and time-consuming.
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