The property, about 13 miles south of downtown Los Angeles, is fully leased to the MLK Los Angeles Healthcare Corp.
Founders Properties in 2014 took out an $18.1 million loan against the property, which is 70 percent leased.
The Irvine, Calif., investment manager bought the buildings on behalf of its Avanath Affordable Housing III LLC, through which it has raised $388 million of investor equity commitments. The sellers were not disclosed.
TGM, a New York firm, obtained $75 million of Fannie Mae financing for the deal.
AMLI/ Allstate acquired in 1996; AMLI received $15.3Mln in the sale for is 40% ownership of the property.