MMA Financial sold the 80-unit Mountain View Apartments in Beaumont, CA, for $6.5 million, or about $81,250 per unit. The buyers, a partnership between the Central Valley Coalition for Affordable Housing and Dominium Inc., focus on acquiring affordable housing units which are generally Section 8 or Section 42 and plan to rehab the property with major repairs and new construction.
The multifamily complex at 488 E. 15th St. is comprised of 16 one-bedroom/one-bath units, 40 two-bedroom/one-bath units, and 24 three-bedroom/one-and-a-half bath units. The property is 100 percent occupied.
David Fournier of Apartment Realty Advisors represented the seller. The buyers were represented in-house.
For additional information, please refer to CoStar COMPS #1654254.