Safehold Finalizes Ground Lease for Mission Valley Affordable Housing Development
Safehold Inc., a publicly traded ground lease real estate investment trust (REIT) based in New York City, has secured a ground lease for a new affordable housing project in San Diego’s Mission Valley neighborhood. Upon completion in 2028, the Low-Income Housing Tax Credit (LIHTC) development is slated to offer 227 affordable residential units.
The Pacific Companies, a leading developer in the affordable housing sector and a longtime partner of Safehold, will manage the construction of the project.
“We’re thrilled to expand our relationship with The Pacific Companies and our broader investment into the affordable housing sector,” said Steve Wylder, Head of Investments at Safehold. “We are increasingly focused on the LIHTC 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.”
To date, Safehold has closed on eight ground leases for LIHTC developments throughout California, helping create over 1,600 affordable housing units across the state.
