Preservation Partners Development III, LLC and Cornucopia Services Purchase Huntington Villa Yorba Apartments, ICON Builders to Commence Construction

HUNTINGTON BEACH, Calif., May 9, 2014 /PRNewswire/ -- Preservation Partners Development III, LLC (PPD) and Cornucopia Services are pleased to announce the successful purchase of Huntington Villa Yorba Apartments in Huntington Beach, CA for $47,700,000 by Huntington Villa Yorba Preservation Limited Partnership.   Located at 16000 Villa Yorba Lane, Huntington Villa Yorba is a 198 unit gated multi-family housing community that was built in 1971. The community is situated on 11.5 acres and consists of 16 two and three story residential buildings with one, two, and three-bedroom units.

"The open space is amazing and unheard of in multifamily development in Orange County.  The site is zoned for another 94 units," stated Irene Rivas, President of Cornucopia Services.

"Huntington Villa Yorba Apartments is a beautiful, spacious affordable housing development community in an affluent Southern California beach community.  I was pleased that we were able to extend the Section 8, Project-Based HAP Contract covering 192 of the 198 units for 20 years," said William Szymczak, President of Preservation Partners Development III, LLC. 

Huntington Villa Yorba Apartments was acquired and will be renovated through the use of Low Income Housing Tax Credit equity (4%) and tax-exempt bonds. Lender Citi Community Capital purchased the bonds, and originated a $41,937,000 Freddie Mac loan.  East West Bank is the direct tax credit investor and was advised by Affordable Investment Advisors, LLC.

ICON Builders is the exclusive General Contractor to PPD and is trusted to extensively renovate units and upgrade amenities. Preservation Partners Management Group, Inc. will manage the newly transformed community. Community amenities include four laundry facilities, playgrounds, a community center with a community picnic and barbecue area.

Allen "Kelly" Sands, President, ICON Builders, states, "We are pleased to work with our longtime partner, Preservation Partners Development in renovating this large occupied property in beautiful Huntington Beach. We particularly look forward to making positive improvements to the amenities and apartment homes that enhance the Residents experience of living in this community, while maintaining affordability."

Huntington Villa Yorba is located in the heart of Huntington Beach. It is near some of the city's best recreational amenities, such as Huntington Beach Pier, one of the largest recreational piers in the world; and Huntington Beach Central Park, the largest city-owned park in Orange County, consisting of an 18-acre nature center, 200 seat amphitheater, and a 25-acre equestrian center.

Preservation Partners Development III, LLC (PPD) is a California-based development group that acquires, rehabilitates and permanently preserves "at-risk" affordable housing resources that were originally developed under U.S. Department of Housing and Urban Development (HUD) financing and direct rental subsidy programs. Since PPD formation in 1999, PPD has utilized low-income housing tax credits and tax-exempt bond financing to acquire and rehabilitate 34 properties representing over 3500 units in Washington, Virginia and throughout California. Collectively, the members of PPD have over 150 years of development, finance and management experience.  PPD's objective is to provide long term, secure housing communities, and to partner with nonprofit corporations to provide supportive social services, focused on the most basic needs of very low-income families and seniors in our communities.

Cornucopia Services, a California Non Profit Public Benefit Corporation is committed to develop affordable housing, while providing a wide range of resident services. A subsidiary of Cornucopia Services is the Managing general partner of Huntington Villa Yorba Preservation LP.

ICON (please note all caps) Builders (always use) specializes in the renovation and new construction of affordable apartment projects. Our projects range from government assisted affordable housing properties through luxury apartments. ICON Builders has been in continuous operation as a General Contractor since 1984 and produced more than 18,700 residential units in California and neighboring western states.  For more information, please contact [email protected].

Contact: Beth Binger
BCI
(619) 987-6658
[email protected]

SOURCE ICON Builders