Description:
Sierra Vista consists of 6 two-story multifamily apartment buildings located in Seeley, CA, just 10 miles west of El Centro. The community contains 24 two-bedroom, two bath apartments and 24 three-bedroom, two bath apartments. Sierra Vista 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 washer/dryer connections, playground, clubhouse, and covered parking.
The Opportunity:
Acquired in December of 2016, Sierra Vista has provided investors with the opportunity to acquire Southern California real estate at a significant discount to 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.
