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.
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