California-based real estate developer Standard Communities acquired five affordable seniors housing communities and one affordable multi-family community, Villa San Dimas, in Los Angeles County for $122 million, or $300,000 per unit. Standard intends to renovate the communities with planned costs exceeding $8 million. The company will also extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. Standard partnered with Pacific Southwest Development Corporation, a California-based not-for-profit affordable housing developer and residential service provider, on the deal.
The seniors housing communities within this portfolio deal are Section 8 communities built between 1969 and 1980: 109-unit Oxford Park, 84-unit Rayen Park, 74-unit Sherman Arms, 48-unit Villa Marisol and 42-unit Columbus Terrace. Dean Zander, Stew Weston, Tim Flint and James Flinn of CBRE handled this transaction.
According to Yardi Matrix data, Goldrich & Kest sold the properties. Pacific Southwest Development Corp. also helped finance the transaction from a draw on its $105.5 million Fannie Mae line of credit, originated by CBRE Capital Markets, the same source showed.
