Standard Communities, a developer that specializes in affordable housing for seniors, is partnering with an unnamed institutional investor and an LA-based non-profit to buy three multifamily properties in California for $195M.
The capitalization for the three-property portfolio includes more than $19M for renovations.
The multifamily complexes, with a total of 559 units, include Heritage Village, a 5.1-acre complex with 196 units in Anaheim; Heritage Park, a 5-acre complex with 196 units in Escondido, a San Diego suburb; and Heritage Park Livermore, an 8.17-acre property with 167 units in the East Bay community of Livermore.
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