Aurora Village Apartments, a low-income senior housing project in Lancaster, has traded for $8.65 million, according to Lee & Associates-LA North/Ventura.
Matt Benwitt, an associate of Lee & Associates-LA North/Ventura, represented the seller, Aurora Village LP. while Edward Mulflur of Re/Max Commercial Woodland Hills brokered on behalf of buyer Afton Properties.
The complex at 43862 15th St. West consists of 132 one- and two-bedroom units on a 3.4-acre site a short distance from Antelope Valley Hospital. It stands within the city’s Amargosa Creek Master Plan, which envisions a mixed-use, pedestrian-friendly district with retail and medical amenities.
“The seller developed this project under the Federal Low-Income Housing Tax Credit Program,” Benwitt said in a statement. “With the expiration of the 15-year initial operation period, the new buyer is able to sell new tax credits. The buyer will also benefit from the property’s location in an Opportunity Zone. Recent installation of solar electric and water heating systems by the seller presented an attractive package to the buyer.”
Created by the Tax Reform Act of 1986, the Low-Income Housing Tax Credit Program gives state and local agencies funding to issue tax credits for the acquisition, rehabilitation or new construction of rental housing for low-income households. Opportunity Zones, created by the Tax Cuts and Jobs Act of 2017, promotes investments in certain Census tracts by offering other tax incentives.