LOS ANGELES—An Irvine-based private partnership has acquired two section-8 housing complexes, Cunningham Village and Jefferson Townhomes, for $12.2 million from a out-of-state private investor. The two complexes have a total of 65 units.

Located at 2300 S. Victoria Street in Los Angeles, Cunningham Village is the larger of the two properties with 35 units. Jefferson Townhomes, which is located at 1693 W Jefferson Blvd. in Los Angeles, has 30 units. Keller Williams Commercial SVPs Hirsch Sherman and Jared Levine represented the seller in the transaction.

Levine tells GlobeSt.com that the buyer plans to upgrade the property and the interior units. “The Irvine-based partnership is an entity dedicated to preserving affordable housing,” he adds. Levine did not know the buyer's specific renovation plans or the amount of capital they planned to invest in the property.

Several entities are also dedicated to building new affordable housing complexes to increase the options for lower-income tenants. Earlier this month, San Diego-based Affirmed Housing Group opened the doors of Arbor Green, a 40-unit LEED-Platinum certified affordable housing complex in Carson that will serve members of the community making 30%-60% of the median Los Angeles income. And this isn't the only new development springing up to help the underprivileged. Hollywood Housing Corp. and Step Up on Second have partnered together to build on a homeless housing complex in Santa Monica, and Meta Housing Corp. recently broke ground on a 75-unit senior housing complex in Compton for seniors over the age of 55.