Eagle Real Estate Partners, a multifamily investment manager and operator focused on attainable housing, has partnered with The Vistria Group, a private investment firm, on the $132.5 million acquisition of Crystal View Apartments, a 402-unit apartment mixed-income workforce housing community located in Garden Grove, California.
Through the acquisition, Eagle and Vistria will extend existing affordability for 20% of the community’s units restricted to households earning up to 50% of Area Median Income (AMI) and will establish new long-term affordability restrictions for an additional 30% of units at 80% of AMI. The partnership will also implement targeted capital improvements to enhance the property and resident experience.
Crystal View Apartments was built in 1968 and renovated in 2012. The property offers 555 parking spaces, on-site resident services and amenities including a resort-style pool, fitness center and sports-complex.
“Crystal View represents the continued scaling of our attainable housing platform and expands our presence into Orange County, one of the most supply-constrained housing markets in the country,” said Taylor Friend, managing partner of Eagle Real Estate Partners. “We are proud to work alongside best-in-class partners who share our commitment to long-term affordability, disciplined execution, and community stewardship.”
“Investments like Crystal View demonstrate how strong partnerships can preserve affordable housing in high-opportunity, supply-constrained markets. We are proud to partner with Eagle to expand long-term affordability while delivering lasting value for residents and investors,” added Yusef Freeman, partner of real estate at The Vistria Group.
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