By Evelyn Jozsa
Greysteel has been named exclusive advisor and agent for the sale of Mendota Gardens, a 60-unit property in Mendota, Calif. The community is in the 11th year of its Section 42 LIHTC initial tax credit compliance period with 100 percent of the units covered by a Section 8 Housing Assistance Payment contract that expires in 2025.
At 202 I. St., Mendota Gardens is in the heart of California’s Central Valley, approximately 30 miles west of Fresno at the intersection of two major highways, 180 and 30. Metros such as San Francisco, Los Angeles and Monterey are within a two- and three-hour drive. The property was constructed in 1980 and underwent renovations in 2005. It features a mix of one- and two-bedroom units, averaging 701 square feet. The fully affordable community includes amenities such as:
- two laundry facilities
- 77 grade level, covered parking spaces
- rental office
“With 100 percent Project-Based Section 8 accounting for 75 percent of total revenue in 2016, the affordability component of the asset provides the opportunity to secure advantageous agency financing with substantial interest-only to maximize cash-on-cash yield,” said John Mullen, managing director at Greysteel, in prepared remarks.”
Greysteel’s marketing team includes Mullen, Managing Director Mark Pettibone and Investment Associates Everett Wong, Anthony Johnston and Zachary Rocktashel. Last month, the company was named as the exclusive advisor and agent for the sale of Lexington Commons and Parkwood Manor, two affordable housing communities in Virginia.
Image courtesy of Greysteel