Standard Communities, a prominent developer and investor in affordable and workforce housing, has led a public-private partnership to acquire six 100% affordable housing communities in Los Angeles County, Calif. These Section 8 communities total 407 units, and five of the communities are dedicated to senior living.
The developer will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. With a total capitalization of approximately $122 million, including $8 million planned for renovations, these communities—built between 1969 and 1980—address the pressing need for affordable housing options in the county.
Jeffrey Jaeger, Co-Founder and Principal of Standard Communities, emphasized the far-reaching impact of this initiative. "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," said Jaeger. "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."
Standard Communities Secures 407 Affordable Housing Units
These newly acquired affordable properties include five senior living communities and one family affordable housing community. Oxford Park, Rayen Park, Sherman Arms, Villa Marisol, and Columbus Terrace are the senior communities located in Los Angeles; Villa San Dimas is the 50-unit family community in San Dimas, Calif.
This investment brings Standard's portfolio in Los Angeles County to over 1,700 units.
The acquisition was made possible through a partnership with the non-profit Pacific Southwest Development Corporation. Christopher Cruz, Managing Director of Essential Housing at Standard Communities, highlights the significance of public-private collaboration to address the county's affordable housing needs.
"Our partnership with HUD and Pacific Southwest Development on this transaction allows us to preserve hundreds of affordable homes across Los Angeles County," he said.