San Francisco, CA, October 9, 2012 – Arroyo & Company announced today that it acted as advisor to a nonprofit corporation controlled by a local affiliate of the United Brotherhood of Carpenters and Joiners of America in the $10,500,000 disposition of the Madonna Road Apartments, a 120-unit affordable housing community located in San Luis Obipso, California. The property was acquired by Vitus Group of Seattle, Washington, using a combination of Private Activity Tax-Exempt Bonds and Low Income Housing Tax Credits. Vitus Group specializes in the acquisition and rehabilitation of affordable housing projects across the nation.
Madonna Road includes 120 garden-style units on a seven acre parcel in the city of San Luis Obispo, a highly-desirable region of California’s Central Coast located almost exactly between Los Angeles and San Francisco.
Originally constructed as affordable housing, Madonna Road includes one, two, three, and four bedroom units that average approximately 983 rentable square feet. Common area amenities include a managerial office, a community center, barbeque areas, and a large central playground.
In addition to restructuring and extending Madonna Road’s affordability restrictions, Vitus plans a major renovation of the entire property.
David Beacham, a Director in Vitus’ San Diego office, stated “we knew this acquisition would mean managing a lot of complexity, but the development team, including the Housing Authority of San Luis Obispo, with assistance from HUD, helped make the project a success.”
The seller was represented in the transaction by Nathan Blair and Barrett Bass of San Francisco-based Arroyo & Company. The buyer represented itself.
Since 2003 the Arroyo & Company | California Multihousing Group has participated in the sale of more than 9,500 multifamily units on a total volume of more than $1.5 Billion. Specializing in the sale of conventional and affordable multifamily housing, retail, and commercial properties, Arroyo & Company provides a wide range of commercial real estate brokerage services for private and institutional investors throughout California and the West.