Golden Bee Acquires Sylmar Workforce Housing for $40M
Golden Bee Properties has purchased Mountain View Manor, a 200-unit workforce housing community in the Los Angeles-submarket of Sylmar, CA. Real estate brokerage firm Partners CRE marketed the property on behalf of the seller, Positive Investments, and also represented the buyer in the $39.5 million transaction.
“This latest acquisition underscores the continued demand for high-quality workforce housing, especially in a supply-constrained market,” said Partners CRE’s Shaya Braverman. “Investors recognize the strength of the opportunity for this asset class and we are seeing a great deal of activity in this sector.”
Located on Dronfield Avenue, the six-building property was built in 1964 and then renovated in 1999 under the Low-Income Housing Tax Credit program.
“We were very excited about the prospect of purchasing Mountain View Manor as it fits perfectly into our newly launched affordable and workforce housing fund, becoming the seventh and final property in the fund,” commented David Berneman, CEO of Golden Bee Properties.
Northmarq’s Zalmi Klyne and Stanley Chu assisted Golden Bee Properties in the transaction and the firm’s debt/equity team also assisted with loan assumption and arranged the preferred equity.
Connect Los Angeles is around the corner! A tremendous line-up of CRE professionals will be speaking at Connect LA on May 3rd at Hotel Indigo, and you’re invited! Details and registration info here