Positive Investments Buys Los Angeles Affordable Housing
- Nov 23, 2020
Positive Investments Inc. has purchased Mountain View Manor, a 200-unit affordable housing community in the Los Angeles neighborhood of Sylmar. Seller 21 Alpha Group traded the asset for $29.4 million. Partners CRE, a Compass Commercial subsidiary, represented both parties in the deal.
The property last changed hands in 2018 for $13.5 million, according to Yardi Matrix information.
Mountain View Manor occupies more than 4 acres at 12960 Dronfield Ave. The community comprises six two-story buildings completed in 1964. The unit mix has studio and one- to three-bedroom apartments averaging 768 square feet. Amenities include two common areas, two swimming pools and three laundry facilities. This property underwent extensive renovations through the Low-Income Housing Tax Credit program.
The community is 2 miles east of central Sylmar, close to Interstate 210. The surrounding area has many retail and dining options, with Sylmar Square Shopping Center less than 1 mile north.
Partners CRE Co-Founder & Senior Vice President Shaya Braverman and Associate Brendan Brown arranged the transaction.
Last year, Positive Investments paid nearly $34 million for a 162-unit age-restricted community in Los Angeles. The buyer financed the purchase with a $23.5 million Freddie Mac loan from Capital One.