WILMINGTON, CA—Preservation Partners and Clifford Beers Housing bought the 90-unit senior housing complex at 1100 N. Banning Blvd. in Wilmington, Calif. The affordable housing property was sold for $10.5 million.
“We are pleased to have been able to preserve this asset as senior housing for the next 55 years with the help of Clifford Beers and Enterprise,” Jon LaLanne, partner with Preservation Partners, said in a statement. “The commitment we received from HUD will allow us to do approximately $50,000 per unit in capital improvements.”
The multi-housing property was constructed in 1976. Each unit is a one bedroom. Amenities on the property include a courtyard, clubhouse and carports. The renovations will upgrade the roof, kitchens, bathrooms and appliances in all the units.
The buyers secured a $9.4 million Golden State Acquisition Fund loan from Southern California Enterprise Community. The money will be used to fund a portion of the acquisition and the renovations.
Tim Steuernol of NAI Capital represented the buyer. Kanna and Ramu Sunkara of Sunkara Investments Inc., represented the seller.