IE Business Daily Business news for the Inland Empire.
A multifamily complex in Ridgecrest that is priced for low-income occupants has been sold for $3.8 million.
Ridge Apartment Homes, 400 Cisco St., has two and three-bedroom units as well as an outdoor pool and playground, according to a statement.
The property, located east of Highway 395 and north of Highway 78, sold for approximately $48,000 per unit. CBRE represents the buyers and the sellers, both of whom wished to remain anonymous.
Rents range from $559 to $649 per month, according to Zillow.com.
Ridge Apartment Homes operate under the federal Section 42 Low Income Housing Tax Credit program, which gives a tax credit to developers of affordable housing.
