Eagle Partners Secures $107M Affordable Housing Jewel, The Hills at Hacienda Heights

In a notable move within the multifamily apartment industry, Eagle Partners has successfully secured a significant acquisition, The Hills at Hacienda Heights, valued at $107 million. This deal epitomizes the strategic investments being made in affordable housing in Los Angeles County. By securing this 350-unit apartment community, Eagle Partners is forging a critical path in long-term affordability. What sets this acquisition apart is the emphasis on minimizing tenant displacement, a pivotal measure in a region grappling with housing challenges.

The partnership with Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency (CalHFA), and Affordable Housing Access demonstrates the multifaceted approach required for success in the market-to-affordable conversion process. Eagle Partners has pledged to cap rents for up to 350 units for households earning up to 80% of the Area Medium Income (AMI), aligning with broader socioeconomic goals.

Taylor Friend, Managing Partner at Eagle Partners, highlights the commitment to community and value creation, asserting, "There is substantial need to increase access to and maintain the quality of attainable housing across Southern California and beyond. We are proud to partner with best-in-class organizations to find creative ways to meet the needs of the community while also creating value for our investment partners."

With the Hills at Hacienda Heights being CalHFA's second and largest affordable housing preservation equity transaction in the state, CalHFA Executive Director Tony Sertich is eager about its potential, adding, "We are thrilled to be part of this collaboration that will preserve affordability for so many deserving families."

The transaction reflects Red Stone Equity Partners' dedication to affordable housing. Through collaboration with JPMorgan Chase, they aim to preserve this housing segment across the nation. Brian Fishback, Red Stone's Director of Alternative Investments, underscores the investment’s significance for Hacienda Heights, saying, "This transaction reflects our commitment to preserving affordability, and we look forward to seeing the lasting impact this investment will have for residents and the broader Hacienda Heights community."

Perched on nearly 10.5 acres, the recently modernized community offers a suite of amenities. It is an invaluable asset in Hacienda Heights, constituting almost 40% of the local apartment inventory.

In the realm of multifamily housing, strategic partnerships and innovative financing solutions are pivotal. Shahny Lutfeali, another Managing Partner at Eagle Partners, captures this sentiment: "This acquisition underscores what is possible when sophisticated capital aligns with a clear purpose, and that positive impact can be married with compelling financial returns to better the communities that we operate within."

The Hills at Hacienda Heights transaction is not just another investment but a beacon for what can be achieved in the pursuit of affordable, quality housing, championing community welfare alongside fiscal prudence.