Asland Capital Partners, Fairstead, iimpact Capital, and Nuveen Real Estate partnered together on the acquisition of Woodbridge Manor, an affordable 165-unit senior apartment community in Irvine, California. Built from 1981 to 2003 with a substantial renovation in 2006, the community had been owned by Innovative Housing Opportunities since its opening.
The acquisition marks Asland’s first California acquisition and its second in the seniors housing market. For Fairstead, this acquisition grows its portfolio in California to nearly 1,000 units. Financing was provided by Lument through the Freddie Mac CME program. Marcus & Millichap’s Affordable Housing Advisors served as the seller’s broker and Gerd Alexander of Paul Hastings and Laurie Grasso of Hunton Andrews Kurth served as counsel for the buyers.
