Standard Communities picks up affordable apartment portfolio for $106M

Six properties include 407 units of Section 8 housing in LA County

​Standard Communities' Jeffrey Jaeger and Scott Alter with 1920 South Oxford Avenue (Standard Communities, Google Maps)

By: TRD Staff

Standard Communities has picked up six affordable housing complexes with 407 units across Los Angeles County for $106.4 million. The Los Angeles- and New York-based affordable housing investor bought the 370,000-square-feet of apartments in L.A.’s West Adams Heights, Monterey Hills, North Hills, Reseda and in the city of San Dimas, the Commercial Observer reported.  The seller was Culver City-based Goldrich Kest. The price works out to $261,400 per unit, or $288 per square foot.

All the apartments qualify for Section 8 housing vouchers, a federal government program. Standard has teamed up with San Diego-based nonprofit Pacific Southwest Development to run the five affordable senior complexes and one affordable housing complex. Its new portfolio includes Oxford Park, a 109-unit senior complex at 1920 South Oxford Avenue in West Adam Heights; Rayen Park, an 84-unit senior complex at 15233 Rayen Street and Columbus Terrace, a 42-unit complex at 8533 Columbus Avenue, both in North Hills; Sherman Arms, a 74-unit senior complex at 17760 Sherman Way in Reseda; and Villa Marisol, a 48-unit senior complex at 5301 Via Marisol in Monterey Hills. It also includes Villa San Dimas, a 50-unit senior complex at 249 South Acacia Street in San Dimas.

​Standard plans to renovate the six properties, built between 1969 and 1980, at a cost of $8 million, according to the company. It also plans to extend the affordability of the properties by 20 years via new Housing Assistance Payment contracts from the U.S. Department of Housing & Urban Development.

Brokers Dean Zander, Stew Weston, Tim Flint and James Flinn of CBRE brokered the deal.