The property asset involved in the transaction is multifamily housing located at 6000 White Lane in Bakersfield, California. The sale price of the asset was $32,500,000 for 60 units, which equates to approximately $541,667 per unit. The transaction contributes to the market of Bakersfield, ensuring the availability of affordable housing in the region.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $32,500,000
• Units: 60
• Price Per Unit: $541,667
• Buyers: Seth Gellis, Belinda Lee, and Alexis Castillo - CPP (Community Preservation Partners); Jeannette Bettencourt - Bettencourt Properties; The Beneficial Housing Foundation

The transaction was notable for its financing backed by Banner Bank and Key Bank. CPP, in partnership with Bettencourt Properties and The Beneficial Housing Foundation, acquired Sundance Apartments, preserving 60 affordable units under a renewed 20-year Section-8 contract and a 55-year affordability agreement. Renovations will focus on upgrades like new solar panels, HVAC systems, and modernized interiors, with a budget that includes $20 million for purchase and $80,000 per unit for renovations.