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. Park Palace One 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 September of 2007. The Regulatory Agreement states 80 units must be rented to residents earning no more than AMI (Area Medium Income): 10% at 30%, 20% at 45%, and 50% at 50% 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. Mojave is an unincorporated community in Eastern Kern County located approximately 50 miles east of Bakersfield and 100 miles north of Los Angeles at an elevation of 2,762 feet above sea level. The population is estimated around 4,000 people. Mojave also has a rich aviation and military history and has three main areas of activity; flight testing, space industry and development and aircraft heavy maintenance and storage. 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 the county, and they produce a great deal of citrus, almonds, carrots, and cotton. Kern County also has 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 Park Palace One Apartments will have the unique opportunity to purchase a building that is over 80 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.