The CMFA Issues $12,724,000 in Tax-Exempt Financing for the Sea Breeze Apartments
MRK Partners, Inc. is a multi-family real estate investment and asset management firm that specializes in the acquisition, repositioning and preservation of affordable housing. They invest in multi-family real estate in primary U.S. markets including California, Florida, Maryland, Virginia and Washington DC metro area.
This financing, issued by the CMFA enabled MRK Partners to rehabilitate a 92-unit, affordable multi-family housing development known as Sea Breeze Apartments. Interior renovations will include laundry room, leasing office, and community room upgrades. Individual apartment units will receive a new appliance package, countertops, cabinets, fixtures, paint, and electrical updates. All interior renovations will allow the apartment units to maintain full functionality, including all utilities, and tenants will be able to utilize the sleeping quarters nightly during the construction period. Lastly, common or site area renovation will consist of concrete repairs, pedestrian gate installation, new pool shed/equipment and egress gate installation, and lighting/signage improvements. This financing will preserve a much needed 91 units of affordable housing for the City of Oxnard for another 55 years.