SoCal Affordable Community Changes Hands
The 60-unit fully affordable property fetched a price tag of $3 million, with the buyer landing $2.7 million in acquisition financing.
Mecca III
A private investor has sold Mecca III, a 60-unit fully affordable community in the Inland Empire, to Southport Financial Services for $3 million, according to Yardi Matrix. The buyer financed the acquisition with a $2.7 million loan held by Century Housing.
Located at 91600 66th Ave. in Mecca, Calif., the community’s 15 one- and two-story buildings are on four acres situated 3 miles north of the upper coast of the Salton Sea, 12 miles south of Interstate 10. A number of shops and restaurants are positioned a mile to the west, with large expanses of farmland to the east.
The community, built in 2005, contains a mix of two-, three- and four-bedroom townhome units with floorplans ranging from 750 to 1,250 square feet. The property’s amenities include a basketball court, laundry facilities and a playground. Approximately 80 on-site parking spaces are available for residents.
In August, Prism Multifamily Group picked up a market-rate community in Palm Springs, 40 miles west of Mecca III.
Image courtesy of Yardi Matrix
