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.
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.