Standard Cos. Pays $31M for Affordable Pasadena Community
The transaction preserves affordability for all 61 units for the next 55 years.
Standard Cos. has purchased Villa Raymond Apartments, a 61-unit affordable senior community, for $31.2 million. The buyer completed the acquisition through its affordable housing division, Standard Communities. According to Yardi Matrix, Inside Development was the seller.
The new owner will preserve the affordability of all units for the next 55 years. Standard Communities financed the transaction with tax-exempt bonds through the California Debt Limit Allocation Committee and low-income tax credits from the California Tax Credit Allocation Committee. The Department of Housing and Urban Development and the nonprofit Housing on Merit were also involved. The community, located at 455 N. Raymond Ave., is part of the Housing Choice Voucher Program, formerly known as Section 8.
Completed in the late 1920s, Villa Raymond Apartments will undergo a $5 million renovation program, which aims to improve accessibility, modernize interiors and enhance common areas. Free health and wellness programs will also be available. Situated near Highway 210, the property is roughly 13 miles southwest of downtown Los Angeles. Rose Bowl Stadium and Brookside Golf Club are within a 2-mile radius.
Standard Cos. owns more than 9,200 affordable units throughout the U.S. Last month, the company acquired an affordable community in Charleston, S.C., for $26.3 million, also through its affordable housing division.