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2/16/26
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Pro Residential Services Inc paid $8.91 mil for Park Palace Apartments, a 162-unit ($55k/unit) affordable multifamily property in the city of Mojave. The asset, located at 16193 and 16197 H St, was sold by Park Palace One Apts LP.
Constructed in 2007 and 2011, the property operates as a low-income housing tax credit community. It is subject to long-term affordability requirements under its regulatory agreement, with approximately 55 years of restrictions remaining.
Park Palace Apartments ranks among the largest multifamily communities in the Mojave area, where transactions of this scale are rare. This sale significantly contributes to the ongoing preservation of affordable housing within Kern County’s rural desert submarkets.
CBRE’s Cray Carlson represented both parties in the transaction. According to Carlson, the properties were in excellent condition with no vacancies at the time of closing.
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