IE Business Daily Business news for the Inland Empire.
A 90-unit affordable housing complex in Indio for low-income elderly people has been sold.
Desert Oasis Apartments, which is subsidized by the U.S. Department of Housing and Urban Development, sold for $11 million, according to a statement released today by Colliers International
The sale, a record for a HUD-subsidized property of that size, was negotiated by Colliers’ Affordable Housing Team, a group of brokers based in Irvine that was formed recently.
The four-member team specializes in low-income, state-assisted and other value-added housing projects throughout the United States. More than 11,000 such projects come on the market every month nationwide, according to Colliers.
“This [first] deal just happened to be local,” said Robert Caudill, regional managing director for Colliers International, in the statement.
Desert Oasis, at 4621 Jackson St., received 17 bids and sold within 24 hours of being placed on the market. It’s expected to close escrow in about three weeks.
The seller, which Colliers represented, was WNC, an investment and asset management company in Irvine. Community Preservation Partners LLC, a subsidiary of WNC, was the buyer.
“It’s another notch in the belt of this very experienced team, and it demonstrates the growing need for affordable housing in Southern California and the nation,” Caudill said. “[This is] a great way for the team to hit ground running in its first month.”
