Saunders Property Co. has acquired 102 of the 303 homes within Windward Village Community in Long Beach, Calif., for $21.6 million from private investors, public records show. The new owner financed the acquisition with a $15.5 million loan from Sunwest Bank.
Located at 3595 Santa Fe Ave., some 2 miles from the intersection of interstates 710 and 405, the property is situated within a dense residential area that includes several other manufactured housing communities. Additionally, the asset is almost 7 miles from the Port of Long Beach and roughly 20 miles south of downtown Los Angeles.
The gated community became a planned unit development in 2006, with homes ranging from two to four bedrooms and equipped with central AC, appliances and low to no maintenance yards. Common-area amenities include a sports court, club house, playground and outdoor cooking area.
Southern California has been struggling with a growing affordable housing crisis over the past few years. With affordable stock not keeping up with demand, manufactured housing is considered to be a viable solution to the affordability issue.