More Southern California apartments to be preserved for "middle-income" renters

Standard Communities continues to scoop up more Southern California apartment communities to preserve them for rent by middle-income households.

This month, the New York- and Los Angeles-based firm announced the $195-million acquisition of a trio of senior mixed-income housing properties totaling 559 rental units - one of which is located in Orange County. Heritage Village Anaheim, located at 707 West Santa Ana Street, features a total of 196 residential units on a more than five-acre property.

Standard is slated to spend $19 million in total to upgrade the properties, including fixes to roofs, windows, and common areas.

The purchase of the Heritage properties was completed in partnership with the non-profit organization Housing on Merit.

Standard Communities has also been busy elsewhere in Southern California. Last year, the company formed a $2-billion "Essential Housing" joint venture with Faring to pursue middle-income housing across California.

The L.A. Business Journal reports that the partners recently acquired Jefferson SoLA, a recently-completed 244-unit apartment complex at 10930 Garfield Avenue in South Gate for $130 million.

That follows similar acquisitions of large apartment buildings in Carson, Glendale, Hawthorne, and West Hollywood.

Over the past 12 months, the Essential Housing venture has acquired approximately 1,750 apartments statewide for conversion to middle-income housing, according to a statement released by Standard Communities.