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.
Related Stories
Affordable Housing | Dec 14, 2023
What's next for affordable housing in 2024?
As 2023 draws to a close, GBBN’s Mary Jo Minerich and Amanda Markovic, AIA sat down to talk about the future. What’s next in terms of trends, technology, and construction of affordable housing?
MFPRO+ News | Dec 11, 2023
U.S. poorly prepared to house growing number of older adults
The U.S. is ill-prepared to provide adequate housing for the growing ranks of older people, according to a report from Harvard University’s Joint Center for Housing Studies. Over the next decade, the U.S. population older than 75 will increase by 45%, growing from 17 million to nearly 25 million, with many expected to struggle financially.
Transit Facilities | Dec 4, 2023
6 guideposts for cities to create equitable transit-oriented developments
Austin, Texas, has developed an ETOD Policy Toolkit Study to make transit-oriented developments more equitable for current and future residents and businesses.
Office Buildings | Dec 1, 2023
Amazon office building doubles as emergency housing for Seattle families
The unusual location for services of this kind serves over 300 people per day. Mary's Place spreads across eight of the office's floors—all designed by Graphite—testing the status quo for its experimental approach to homelessness support.
Multifamily Housing | Nov 30, 2023
A lasting housing impact: Gen-Z redefines multifamily living
Nathan Casteel, Design Leader, DLR Group, details what sets an apartment community apart for younger generations.
Industry Research | Nov 28, 2023
Migration trends find top 10 states Americans are moving to
In the StorageCafe analysis of the latest migration trends, each U.S. state was looked at to see the moving patterns of people in the last few years. These are the top 10 states that people are moving to.
MFPRO+ News | Nov 21, 2023
California building electrification laws could prompt more evictions and rent increases
California laws requiring apartment owners to ditch appliances that use fossil fuels could prompt more evictions and rent increases in the state, according to a report from the nonprofit Strategic Actions for a Just Economy. The law could spur more evictions if landlords undertake major renovations to comply with the electrification rule.
MFPRO+ News | Nov 21, 2023
Underused strip malls offer great potential for conversions to residential use
Replacing moribund strip malls with multifamily housing could make a notable dent in the housing shortage and revitalize under-used properties across the country, according to a report from housing nonprofit Enterprise Community Partners.
Affordable Housing | Nov 16, 2023
Habitat receives approval for $400 million affordable housing redevelopment
Chicago-based Habitat, a leading U.S. multifamily developer and property manager, announced that its $400 million redevelopment of Marine Drive Apartments in Buffalo, N.Y., has received planned unit development (PUD) approval by the Buffalo Common Council.
Senior Living Design | Nov 7, 2023
Age-restricted affordable housing community opens in Rockville, Md.
Residences on the Lane boasts a total of 150 units, each designed to cater to various income levels for seniors aged 62 and up.
