A joint venture seller engaged CBRE in the divestment of its affordable seniors housing community in Santa Cruz, California. The buyer was also a joint venture, between Jonathan Rose Cos. and First Community Housing.
Built in 1981, Mission Gardens Apartments comprises seven buildings with 50 units reserved for households that earn up to 50% and 60% of AMI. All units are under a project-based Section 8 contract that was extended by Jonathan Rose for another 20 years. The buyer also intends to conduct renovations.
Walker & Dunlop provided financing through HUD. Other entities involved in the transaction include the City of Santa Cruz, HUD, CalHFA and the California Tax Credit Allocation Committee.
