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. Nina Place Apartments is a LIHTC property that included a 9% tax credit award, and has a Regulatory Agreement that governs the property for 57 years. The property was placed in service in August of 2011. The Regulatory Agreement states 64 units must be rented to residents earning no more than AMI (Area Medium Income): 10% at 30%, 10% at 40%, 50% at 50%, and 30% at 60% 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. Bakersfield is the seat of Kern County, located just over the Grapevine from Los Angeles. The city has a population of over 400,000, and is the 48th largest city in the United States, and 9th largest in California. The area 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 Bakersfield, and they produce a great deal of citrus, almonds, carrots, and cotton. The city is also known as an 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. Bakersfield is one of the fastest growing cities in the United States, with a 400% growth from 1970-2010 and an affordable cost of living, especially compared to its lofty neighbors to the South. Investors who pursue Nina Place Apartments will have the unique opportunity to purchase a building that is over 60 units, in a rapidly expanding market, with a long waiting list of future residents. 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.