CBRE Facilitates $21 Million Sale of Multifamily Community for Workforce Housing in Victorville, Calif

CBRE announced the sale of Golden Sands Apartments, a 120‑unit multifamily community at 15930 Nisqualli Road in Victorville, Calif., to Aspen Real Estate Financial LLC (AREF) in partnership with the Housing Authority of the County of San Bernardino (HACSB) and the California Affordable Housing Agency (CalAHA) for $21 million.

CBRE’s Cray Carlson represented the seller, Hanes Golden Sands Apartments LP. The buyer was advised by Matt Benwitt of Lee & Associates. The acquisition reflects a continued effort by AREF and HACSB to expand attainable housing options for families across the region.

This transaction marks the second acquisition with this structure that CBRE and Carlson have sold to AREF and HACSB in the past eight months. In June 2025, AREF partnered with HACSB and CalAHA to acquire Echo Apartment Homes, a 38‑unit property in San Bernardino, Calif., for $12.3 million.

“Golden Sands is the second property CBRE’s Cray Carlson has sold to us in partnership with the Aspen Group that supports our mission to preserve and expand attainable housing options for families in San Bernardino County,” said Rishad Mitha, deputy director for the Housing Authority of the County of San Bernardino. “Golden Sands Apartments is well positioned to provide long‑term stability for residents and contribute meaningfully to the growth of the local area.”

HACSB, through a 40‑year lease and equity accrediting structure, will operate the property with rent levels set to be affordable for working households. The Housing Authority was not required to contribute any initial funds for the purchase and AREF capitalizes the acquisition and establishes reserves to support lease payments and operating expenses during recessionary periods. Under the long‑term structure, AREF donates all equity and future upside to the housing authority, which also receives 100% of the property’s cash flow.

Built in 1988, Golden Sands Apartments consists of 24 one‑bedroom units, 48 two‑bedroom/one‑bath units and 48 two‑bedroom/two‑bath units ranging from 620 to 920 square feet. The gated community features two swimming pools, covered and surface parking, central air conditioning and heating, on‑site laundry facilities, newly installed solar and spacious floor plans. The property is close to retail, dining and schools and offers immediate access to Interstate 15.

“Golden Sands Apartments represents an important acquisition for the Victorville community, delivering much‑needed workforce housing in a rapidly growing region,” said Cray Carlson, senior vice president at CBRE. “Ensuring access to stable, attainable homes is essential for the community’s long‑term strength, and with the Housing Authority’s involvement, this acquisition supports the ongoing growth and resilience of the local area.”

Located minutes from the Mall of Victor Valley and the Bear Valley Road retail corridor, the property is positioned to benefit from continued economic and population growth in the High Desert region.