CBRE Facilitates $3.85 Million Sale of The Ridge Apartment Homes

CBRE has negotiated the $3.85 million sale of the Ridge Apartment homes in Ridgecrest, Calif. Cray Carlson of CBRE’s Inland Empire multifamily investment properties team represented the institutional seller and buyer in the transaction.

“The Ridgecrest market has increased in value over the years,” said Mr. Carlson, senior vice president at CBRE. “Selling this property was a long time coming. We were in escrow for over a year. HUD deals can be very complicated and time-consuming. Both buyer and seller worked great together to facilitate a successful close of escrow.”

The 80-unit property is located at 400 Cisco Street in Ridgecrest and features a mix of two- and three-bedroom floor plans. Community amenities include an outdoor pool and playground. The community is located east of North China Lake Blvd. and close to shopping and dining options.

The property operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program. The new owner will maintain the affordable restrictions through the extended use period, including operating the property in compliance with state and federal regulatory agreements.

"Low-income housing is so needed. I’m glad we could close this deal," added Mr. Carlson.