Century Housing has acquired the 296-unit CityView in Long Beach, Calif., for $66.5 million, from LOMCO. The affordable housing community serves senior households earning 60 percent of the area median income or less. The buyer received a total of $69 million in financing to acquire the asset and preserve its affordable status.
Originally built in 1965, CityView underwent renovations in 2015 and now features a new roof, Energy Star refrigerators, HVAC improvements and LED light installation. It comprises one- and two-bedroom floorplans, ranging from 500 to 790 square feet, according to Yardi Matrix data. Property amenities include a community room, fitness center, library, tech center and laundry facilities.
Located at 3333 N. Pacific Place, the asset is less than 2 miles northwest of Long Beach Medical Center and some 5 miles west of Long Beach Airport. Downtown Long Beach is less than 4 miles south of the community, while several dining, retail and entertainment options are available within a 1-mile radius.
The purchase was possible through a new method of financing that included a non-volume cap real estate secured tax-exempt bond offering in combination with an unsecured privately placed AA-rated tax-exempt bond. It relied on the issuance of two separate, but coordinated, 501(c)3 bond sales: a $48 million Wells Fargo public execution and a $21 million private placement to Barclays through U.S. Bank.