LOS ANGELES — Standard Communities has led a public-private partnership that acquired six Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are affordable seniors 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,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “This investment brings our portfolio in Los Angeles County to over 1,700 units.”
The assets 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 nonprofit Pacific Southwest Development Corp.