Standard Communities leads P3 for affordable senior housing communities in Los Angeles County
Standard Communities, a national developer and investor in affordable and workforce housing, has led a public-private partnership (P3) that acquired six affordable Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are senior affordable housing.
The transaction has a total capitalization of approximately $122 million, including planned renovation costs of more than $8 million. The six communities were built between 1969 and 1980.
“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 Jeffrey Jaeger, co-founder and principal of Standard Communities. “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. This investment brings our portfolio in LA County to over 1,700 units.”
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