What you need to know about Irvine’s Riverside apartments
Irvine, California (AP) A rental apartment complex in central California is selling more than $1 million worth of expensive real estate to raise money for an affordable housing project.
Irvine-based Realty Management Group, a unit of Irvine-based Irvine-Syracuse developer C.J. Harkness, announced on Wednesday it would sell 2,500 apartments to the Riverside Association of Realtors, which plans to build the $10 million project.
The project, which is about 25 minutes south of downtown Los Angeles, will be located at the intersection of Riverside Boulevard and San Pedro Street.
The apartments will be leased to low-income tenants in one of Irvine’s most expensive neighborhoods, according to a press release from Irvine-sulcata developer Harknesses.
Harkness did not immediately return a message left by The Associated Press seeking comment.
The Riverside Association, a nonprofit that oversees affordable housing, is looking to build two housing projects that would be used to house low- and moderate-income residents.
The projects are part of a larger project to build affordable housing at a new apartment complex at the southwest corner of Santa Monica Boulevard and the South Bay Expressway.
Irwin-sultata is in the midst of buying up a $4.6 million parcel of land at the south end of Santa Barbara County for a new housing project called The Home, which was announced in March.
The project is being developed by the Irvine-born developer Cigna and has a price tag of $10.6 billion.