Investment Overview

Marcus & Millichap is proud to announce the exclusive sale of an Affordable Housing Portfolio comprising of 542 units strategically located in Kern and Colusa County. This exceptional portfolio encompasses six properties in Kern County, totaling 461 units, and a distinct 81-unit property in Colusa County. While the Kern County properties are offered as a cohesive portfolio, the Colusa property, is available for individual purchase or as part of the entire collection. Notably, each property is governed by a regulatory agreement, classifying them as Section 42 LIHTC properties. For comprehensive details about the portfolio, feel free to reach out to the listing agents. La Amistad Apartments is a LIHTC property that included a 9% tax credit award, and has a Regulatory Agreement that governs the property for 55 years. The property was placed in service in November of 2004. The Regulatory Agreement states 79 units must be rented to residents earning no more than AMI (Area Medium Income): 10% at 40%, 40% at 50%, and 50% at 55% AMI. The rents are restricted by TCAC (Tax Credit Allocation Committee) to comply with the information above. The last unit is reserved for an on-site manager. Arvin is located approximately 20 miles Southwest of Bakersfield, and has a population of 21,000 people. Arvin’s economy traditionally relies on agriculture, given its location in the San Joaquin Valley. Understanding the local economic conditions, employment opportunities, and industries can provide insights into the overall stability and growth potential of the community. Kern County is a significant producer of energy and agriculture. It is the largest oil producer in California, and Kern County is the 4th largest agricultural county in the United States. At times, such as 2013, Kern County also produced more oil than any other county in the United States, not just California. Agriculture also plays a large role in Arvin, and they produce a great deal of citrus, almonds, carrots, and cotton. The city is also conveniently located from Bakersfield, which is the educational hub for the Southern end of the San Joaquin Valley, with Bakersfield Community College serving over 31,000 students a year, and CSU Bakersfield serving 11,000 students a year seeking BA and MA education across 39 undergraduate and 17 graduate fields. Investors who pursue La Amistad Apartments will have the unique opportunity to purchase a building that is over 75 units, in a rapidly expanding and affordable market. Buyers will have a hard time finding such a unique opportunity available today in California. All tours must be arranged and made through the listing agent.