Eagle Real Estate Partners, a vertically integrated multifamily investment manager and operator focused on attainable housing, and The Vistria Group, a private investment firm that seeks to deliver both strong financial returns and meaningful impact, announced the closing of an affordable housing preservation acquisition of Crystal View Apartments, a 402-unit apartment mixed-income workforce housing community located in Garden Grove, Calif., for $132.5 million.
Through the acquisition, Eagle and Vistria will extend existing affordability for 20 percent of the community’s units restricted to households earning up to 50 percent of area median income (AMI) and will establish new long-term affordability restrictions for an additional 30 percent of units at 80 percent of AMI. The transaction preserves affordability commitments that were nearing expiration and creates new long-term affordability protections where none previously existed, helping maintain access to quality housing
