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 located at 1920 S Oxford Avenue
- Rayen Park, an 84-unit senior community located at 15247 Rayen Street
- Sherman Arms, a 74-unit senior community located at 17760 Sherman Way
- Villa San Dimas, a 48-unit senior community located at 249 S Acacia Street
- Columbus Terrace, a 42-unit senior community located at 8606 Columbus Avenue
- Villa Marisol, a 50-unit family community located at 5301 Via Marisol
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.