ANAHEIM, ESCONDIDO AND LIVERMORE, CALIF. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California.
The total capitalization of the three-property portfolio is over $195 million, including more than $19 million in renovations.
The properties include:
- Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim
- Heritage Park Escondido, totaling 196 units on five acres in Escondido
- Heritage Park Livermore, totaling 167 units on 8.2 in Livermore
“We’re preserving and expanding affordable housing in some of the areas that need it most in California,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “Seniors are the fastest-growing population in California.”
“In the city of Livermore for example, almost 20 percent of the population are seniors and 24 percent of them are renters,” adds Joon Lee, managing director of strategic capital for Standard. “The average price of a home in Livermore is over $1 million, which has increased nearly 30 percent year over year. It’s important to Standard to provide affordable housing options for seniors”
Standard’s improvements at the three Heritage communities will consist of plumbing, HVAC, electrical, fire safety and security upgrades; roof, door and window repair or replacement; and re-painting of buildings. Common areas and amenities will be renovated and upgraded, and units will receive new kitchen cabinets with energy-efficient appliances, bathroom renovations and new flooring.
Standard Communities completed the Heritage transaction in partnership with the nonprofit Housing on Merit and an institutional joint venture equity partner.