CRE Partnership Acquires Affordable Senior Community in Irvine
Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have partnered in the acquisition of Woodbridge Manor, a 165-unit affordable senior housing community in Irvine, CA.
“Asland is excited to partner with Nuveen, Fairstead, iimpact and IHO to close this important transaction,” said Asland CEO James Simmons. “The preservation of affordability, rehabilitation and forward commitment to providing social services to Woodbridge Manor’s culturally diverse tenants is essential for the community and its residents.”
Woodbridge Manor offers units affordable to seniors earning up to 60% of the Area Median Income, or a maximum of $59,040 per year. The complex is comprised of a trio of three-story buildings that was purposely built as affordable housing for residents at least 62 years old and those living with disabilities.
Marcus & Millichap’s Affordable Housing Advisors served as the seller’s broker in the transaction. Financing was provided by Lument through the Freddie Mac CME program.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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