by Mike Kirner
Cushman & Wakefield’s Executive Managing Director Ric Russell has advised on the sale of Mountain View Senior Apartments in Cathedral City. Mountain View Senior Apartments is a rent restricted apartment complex comprised of 280 units.
Built in the early 1980s, the property is a sprawling campus of 70 four-unit residential buildings, covering 20 acres of land. The homes are reserved for low-income seniors.
Russell represented the seller of the property, a private family trust. The buyer was Community Preservation Partners (CPP).
Mountain View Senior Apartments is both the largest number of units Community Preservation Partners has ever acquired in a single purchase and the largest deal of its kind to be supported by a U.S. Department of Agriculture rural affordable housing loan program.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.