Standard Communities, a leading national developer and investor in affordable and workforce housing, has led a public-private partnership that acquired six 100% affordable Section 8 communities in Los Angeles County with a total of 407 units.
Five of the communities are senior affordable housing.
Standard will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts.
The transaction has a total capitalization of approximately $122 million, including planned renovation costs of over $8 million. The six communities were built between 1969 and 1980.
“Extending the affordability of all 407 apartment units isn't just a matter of housing; it's a commitment to sustaining the heart of our community. We are not only ensuring that seniors and families have an affordable place to call home, we're also nurturing the vibrant social and economic fabric of Los Angeles County,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities. “This investment brings our portfolio in LA County to over 1,700 units.”
The affordable properties in Los Angeles County acquired by Standard include:
· Oxford Park, a 109-unit senior community
· Rayen Park, an 84-unit senior community
· Sherman Arms, a 74-unit senior community
· Villa Marisol, a 48-unit senior community
· Columbus Terrace, a 42-unit senior community
· Villa San Dimas, a 50-unit family community
Standard Communities partnered in this transaction with the non-profit Pacific Southwest Development Corporation.
“Public-private partnerships play a pivotal role in addressing the need for affordable housing. Our partnership with HUD and Pacific Southwest Development on this transaction allows us to preserve hundreds of affordable homes across Los Angeles County,” said Christopher Cruz, Managing Director of Essential Housing of Standard Communities.
Headquartered in Los Angeles and New York, Standard Communities has a national portfolio of over 19,000 apartment units and has completed more than $4 billion of affordable and workforce housing developments, acquisitions and rehabilitation nationwide. One of the 20 largest owners of affordable housing in the country, Standard Communities is a Certified B Corporation. It strives to cultivate long-term public/private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.
