Financial Performance:
Projected Investor Dividends (Year 1): 7.25%
Description:
Casa Del Sol consists of 10 two-story multifamily apartment buildings located in Calipatria, CA, just 25 miles north of El Centro. The community contains 41 two-bedroom, two bath apartments and 40 three-bedroom, two bath apartments. Casa Del Sol provides affordable housing to families earning no more than 30%, 40%, 50%, and 60% of Imperial County AMI (area median income). Each set aside has a dedicated number of units ownership must lease to renters within the prescribed income caps. Community amenities include covered parking, washer/dryer connections, playground, clubhouse, and barbecue area.
The Opportunity:
Acquired in December 2016, Casa Del Sol provides investors with the unique opportunity to acquire Southern California real estate at below replacement cost. The affordability designation is advantageous in this lower income MSA, which caters to workforce families primarily in the agriculture and services sectors. Modest rent increases coupled with more efficient management practices will bolster investor returns going forward.
