R4 Capital's Forward Housing Preservation And Lutheran Housing Corp Acquire Vista Pointe For $25.3M

A 7-acre multifamily property located at 2170 North Rancho Avenue in Colton, CA, has been sold. The property, named Vista Pointe, features 129 units and the sale was completed for a price of $25,300,000, resulting in a price per unit of $196,124.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $25,300,000
• Units: 129
• Buyer: Marc Schnitzer - R4 Capital’s Forward Housing Preservation; James Merritt - Lutheran Housing Corp. of California
• Seller: Jamboree Housing
• Lender: Greystone / Fannie Mae
• Loan Amount: $27 million
• Loan Type: Fannie Mae acquisition and development loan
• Fixed Rate: 5.6%

The partnership acquisition involves R4 Capital’s Forward Housing Preservation and Lutheran Housing Corp. of California, which aims to enhance the affordable housing community. The transaction was facilitated with financing to support both the acquisition and planned improvements of the property.