Low-Income Senior Housing Community Changes Hands in CA
- Apr 09, 2019
Lee & Associates has brokered the sale of Aurora Village Apartments, a low-income senior housing community in Lancaster, Calif. Afton Properties purchased the 132-unit asset for $8.7 million. The seller has recently upgraded the property with solar electric and water heating systems.
Located at 43862 15th St. W., Aurora Village is within Lancaster’s planned mixed-use Amargosa Creek Master Plan, a pedestrian-friendly district with retail and medical amenities. The community is close to Antelope Valley Hospital and is within a 2-mile radius of several retail establishments.
The property sits on a 3.4-acre site and encompasses one- and two-bedroom units. Common-area amenities include a pool, spa and barbecue area. Matt Benwitt, an associate of Lee & Associates-LA North/Ventura, represented the seller, while Edward Mulflur of ReMax Commercial acted on behalf of the buyer.
“The seller developed this project under the Federal Low Income Housing Tax Credit Program. With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits. The buyer will also benefit from the property’s location in an Opportunity Zone,” Benwitt said in prepared remarks.