Cien Palmas Apartments, a 150-unit fully affordable community in El Paso, Texas, has changed hands. The property last traded in 2004, when Edgewater Group acquired it from Murray Management, Yardi Matrix data shows. Greysteel worked on behalf of the seller of the LIHTC and Section 8 HAP property, while also procuring the buyer, a regional affordable housing investor.
Completed in 1971, the garden-style Cien Palmas is located at 7845 Lilac Way on nearly 10 acres, roughly 10 miles east of downtown El Paso. The community is situated less than 2 miles south of Interstate 10, as well as Towne East Shopping Center and Yarbrough Plaza, which offer a wide variety of shopping and dining options.
The 11-building property offers several on-site amenities, including a community center, business center, swimming pool, playground and covered parking. The community encompasses one- to four-bedroom units ranging from 579 to 1,023 square feet, according to Yardi Matrix.
Greysteel Senior Managing Director Doug Banerjee and Director John Marshall Doss of the company’s Central Affordable Housing arm represented Edgewater Group.
Earlier in December, Greysteel also arranged the sale of a fully affordable senior housing property in Monrovia, Calif. Foundation Housing and Pennant Housing Group paid $72 million for the 169-unit L.A. County asset.