#United States #Los Angeles #affordable housing #Eagle Partners #Hacienda Heights

Eagle Partners Expands Affordable Housing Portfolio in Los Angeles County

Eagle Partners has officially closed a significant acquisition of The Hills at Hacienda Heights, a 350-unit apartment community located in the San Gabriel Valley. The transaction, worth $107 million, marks a key initiative aimed at preserving affordable housing in Southern California. This strategic move is designed to convert existing market-rate units into affordable housing options for families and individuals earning up to 80% of the Area Median Income (AMI).

The acquisition underscores the ongoing challenges faced by many communities in Southern California when it comes to affordable housing. As stated by Taylor Friend, a Managing Partner at Eagle Partners, "There is substantial need to increase access to and maintain the quality of attainable housing across Southern California and beyond." The company believes that by implementing this transition to affordable living, they are not only addressing the immediate housing crisis but also enhancing the overall quality of the living environment within the community.

Eagle Partners' joint initiative involves collaborating with renowned organizations, including Red Stone Equity Partners, JPMorgan Chase, and the California Housing Finance Agency (CalHFA). This partnership aims to unlock capital that will be reinvested into the property, thus boosting its quality and sustainability while ensuring long-term affordability.

CalHFA has straightforward objectives regarding the preservation of affordable housing. Executive Director Tony Sertich expressed excitement regarding this collaboration, mentioning that the state's overall housing finance strategy continuously seeks innovative methods to enhance the supply of affordable housing for low to moderate income Californians. The Hills at Hacienda Heights acquisition is not only their second affordable housing preservation equity transaction in California but also the largest to date.

Originally built in 1970 and sitting on approximately 10.5 acres, The Hills at Hacienda Heights has undergone recent renovations that make it an appealing living space. It now offers a variety of amenities, including a gym, business center, multiple swimming pools, and spacious open areas, catering to the lifestyle needs of modern residents. Importantly, this apartment community constitutes nearly 40% of the total rental inventory in Hacienda Heights, thus playing a critical role in the local housing landscape.

This acquisition showcases the benefits of combining investor capital with a clear community-focused mission. Shahny Lutfeali, another Managing Partner at Eagle Partners, highlighted that this initiative not only promotes positive societal impacts but also aligns with compelling financial returns for investment partners.

Brian Fishback from Red Stone Equity Partners noted that this investment reflects a commitment to preserving the affordability and habitability of rental homes. He also emphasized the importance of collaborating with strategic partners in the housing sector to deploy resources effectively into affordable housing.

Eagle Partners remains unwavering in its mission to prioritize stakeholder partnerships, using their institutional expertise and localized relationships to pave the way for long-term value within the multifamily real estate market. Their core values—vision, strength, integrity, and commitment to improving communities—continue to guide their operations.

For more on Eagle Partners and their initiatives in the affordable housing sector, you can visit their website at eaglepartners.com.

This acquisition thus not only helps alleviate housing issues in a high-demand area like Los Angeles County but aims to transform the socioeconomic fabric of the community for the betterment of all residents.