Standard Communities served as the site’s project administrator and led a $78 million transaction that converted the Renaissance at City Center from market-rate to workforce housing.
There has not been any tenant turnover following changes to the property yet, but future tenants will have to meet certain income qualifications. Existing tenants who meet those qualifications can have their rent lowered.
The project was completed in 54 days.
“By focusing on workforce and middle-income housing, cities can ensure that a diverse cross-section of residents — including many individuals who fulfill essential community roles such as first responders, teachers, hospitality workers and health care professionals — have access to affordable housing and stable neighborhoods near their jobs,” Jeffrey Jaeger, principal and co-founder of Standard Communities, said in a statement.
Standard Communities worked with the CSCDA Community Improvement Agency, which acquired the property, Stifel Nicolaus & Co. and the city of Carson.
The Renaissance at City Center was built in 2013. In addition to apartments, it also has more than 12,000 square feet of retail space, as well as amenities including a pool.
Geoff Moen, director of West Coast production for Standard Communities, said in a statement that the move would provide housing to the “missing middle,” which includes households that earn too much to qualify for other affordable housing programs but cannot afford market-rate units. “Standard Communities is proud to lead a public-private partnership that provides 150 units of workforce housing with long-term affordability in a prime location at the center of Carson,” he said in a statement.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Standard Cos., CSCDA Buy Carson Property for $220 Million
- Monrovia Multifamily Property Sells for $100 Million
- Standard Buys Senior Housing Site in Pasadena for $31 Million
- $1 Billion Overhaul Underway for Jordan Downs Complex in Watts
- TenantBase Looks to Ease Office Leasing Process With Digital Platform
- AvalonBay, Abode Tapped for West LA Civic Center Makeover
- Glendale Multifamily Property Sells for $290 Million
- Glendale Apartment Complex Sells for $300 Million