Eagle Partners Closes on $107M Market-to-Affordable Conversion in Hacienda Heights
Eagle Partners has closed on a $107-million affordable housing preservation acquisition, The Hills at Hacienda Heights, a 1970-vintage, 350-unit apartment community in the San Gabriel Valley. A vertically integrated multifamily real estate investor and operator, Eagle Partners partnered with Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency (CalHFA) and Affordable Housing Access to execute upon the market-to-affordable conversion.
The Hills at Hacienda Heights will be the second – and largest – CalHFA affordable housing preservation equity transaction in California, according to Eagle Partners. JPMorgan Chase provided the majority of the capital for the investment.
“This acquisition underscores what is possible when sophisticated capital aligns with a clear purpose, and that positive impact can be married with compelling financial returns to better the communities that we operate within,” said Shahny Lutfeali, a managing partner of Eagle Partners. “In addition, we want to thank Kevin Green and the Institutional Property Advisors team for their collaboration throughout the sales process.”
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout