Standard Communities, a prominent national developer and investor in affordable and workforce housing, has successfully led a public-private partnership to acquire six 100% affordable Section 8 communities in Los Angeles County. The portfolio consists of 407 units with a total capitalization of approximately $122 million, including planned renovation costs exceeding $8 million.
These properties were built between the years of 1969 and 1980, with five designated as senior affordable housing. Under new HUD Housing Assistance Payments contracts secured by Standard Communities, the affordability for these communities will be extended by an additional twenty years.
The acquired properties include Oxford Park (109 units), Rayen Park (84 units), Sherman Arms (74 units), Villa Marisol (48 units), Columbus Terrace (42 units) – all designated for seniors – as well as Villa San Dimas (50 family-units).
In this transaction, Standard Communities partnered with nonprofit organization Pacific Southwest Development Corporation. This successful acquisition highlights our commitment to providing quality affordable housing options across the nation.
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