Safehold Closes Ground Lease for Mission Valley Affordable Housing Project
Safehold Inc., a publicly traded ground lease real estate investment trust (REIT) based in New York City, has finalized a ground lease for a new affordable housing development in San Diego’s Mission Valley neighborhood. The project, set for completion in 2028, will deliver a total of 227 residential units. It will be developed by The Pacific Companies, a repeat partner of Safehold and a leading developer of affordable housing communities.
“We’re thrilled to expand our relationship with The Pacific Companies and our broader investment into the affordable housing sector,” said Steve Wylder, Safehold’s Head of Investments. “We are increasingly focused on the LIHTC (Low-Income Housing Tax Credit) space and are finding our capital—which functions as a low-cost gap filler—can be a very useful tool in moving projects forward and delivering much-needed affordable housing.”
This latest transaction marks Safehold’s continued commitment to supporting LIHTC developments throughout California. The company has now closed eight ground lease deals in the state, collectively supporting the creation of more than 1,600 affordable housing units.
