Arroyo & Coates Negotiates $15.05 Million Sale of Northern California Apartments to LIHTC Investor
July 23, 2007

ANTIOCH, CA - Arroyo & Coates announced today that it acted as advisor to a private seller in the $15,050,000 disposition of Meadowood, a 136-unit apartment community in Antioch, CA. The property was acquired by USA Properties Fund of Roseville, California.

Originally constructed in 1985, Meadowood is located near the intersection of Auto Center Drive and Sycamore Drive in Antioch. The community is composed entirely of two bedroom units which average more than 770 square feet. USA Properties Fund obtained a new private activity bond issuance and Low Income Housing Tax Credits to assist in its acquisition. The group plans a major rehabilitation of the property under the name Riverstone Apartments.

The seller was represented in the transaction by David Silver and Nathan Blair of Arroyo & Coates. USA Properties Fund acted on its own behalf, with coordination and oversight by Bill Berdan, USA’s Director of Property Acquisitions.