Exclusive: Inland Empire Affordable Community Changes Hands
Greystone issued Fannie Mae financing for the deal.
A partnership between R4 Capital’s Forward Housing Preservation and Lutheran Housing Corp. of California has acquired Vista Pointe, a 129-unit fully affordable housing asset in Colton, Calif., according to Yardi Matrix data. Jamboree Housing sold the property for $25.3 million.
In addition, Greystone issued a $27 million Fannie Mae acquisition and development loan. The note carries a 5.6 percent fixed-rate.
Vista Pointe, formerly known as Arbor Terrace, previously traded for $16.5 million in 2013. One year later, the property was placed in service under the 4 percent LIHTC program and Jamboree kicked off a rehabilitation project.
The community caters to residents earning up to 50 and 60 percent of the area median income. Section 8 vouchers are also available.
The 1966-built property underwent substantial renovations, including the addition of new plumbing fixtures across kitchens and bathrooms, appliances, cabinets, countertops and lighting. Exterior enhancements included landscaping upgrades, while common areas received green and accessibility improvements.
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Vista Pointe encompasses 31 two-story buildings comprising one- to three-bedroom floorplans that average 880 square feet. Amenities include a playground and a courtyard, as well as laundry facilities.
Occupying more than 7 acres at 2170 N. Rancho Ave., the community is near the intersection with West Mill Street. Various retail and dining venues are clustered around the junction.
R4 Capital manages more than $14 billion of multifamily equity and debt investments. The firm has ownership interests in 653 affordable properties comprising more than 81,000 LIHTC units and 29,000 Section 8 apartments, according to its website.
Breaking new affordable housing records
Last year, R4 Capital raised nearly $1.2 billion in LIHTC equity and originated $925 million in mortgage capital, for a record total of $2.1 billion. The company also acquired six assets through Forward Housing Preservation in 2025. In one of last year’s deals, R4 Capital Funding partnered with Fairstead for the rehabilitation of Sunflower Terrace Apartments, a 160-unit affordable community in Houston.
Investor appetite for LIHTC continues to grow. R4 Capital set a new record this year by closing its largest multi-investor national fund to date. R4 Housing Partners XXVI secured commitments of roughly $462 million, substantially above the initial offering of $375 million.
