Marcus & Millichap arranged the sale of a 44-unit affordable seniors housing community, Olivetree Senior Citizen Apartments, in Olivehurst, California. Aaron Moayed and Isaak Heitzeberg handled the transaction. There were multiple competitive bids, with the transaction closing after zero days on the market.
The seller was a government agency and the buyer was Dawson Holdings, Inc. DHI secured a 9% tax credit allocation through the acquisition-rehabilitation tax credits program. The seller, in turn, received a premium on the property due to the cash-flow restrictions associated with the USDA RD 515 program. According to ConnectCRE, the purchase price was $3.27 million, or $74,200 per unit.
