Eagle Partners, an affiliate of Eagle Real Estate Investment Group, announced the closing of a $107-million affordable housing preservation acquisition, The Hills at Hacienda Heights, a 350-unit apartment community in the San Gabriel Valley of Los Angeles.
Situated on approximately 10.5 acres and originally built in 1970, The Hills at Hacienda Heights is a recently renovated community of one-, two-, and three-bedroom homes. Amenities include a gym, business center, three pools and a spa, and expansive open areas.
The community represents nearly 40% of all apartment inventory in Hacienda Heights. Eagle Partners will restrict up to 350 units to households earning up to 80% of Area Medium Income (AMI) with an emphasis on minimizing tenant displacement.
Eagle Partners teamed with Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency (CalHFA), and Affordable Housing Access to execute upon the market-to-affordable conversion. The Hills at Hacienda Heights will be the second – and largest – CalHFA affordable housing preservation equity transaction in California.
“There is substantial need to increase access to and maintain the quality of attainable housing across Southern California and beyond,” said Taylor Friend, a managing partner of Eagle Partners. “We are proud to partner with best-in-class organizations to find creative ways to meet the needs of the community while also creating value for our investment partners.”
Photo via Institutional Property Advisors
