Beverly Hills-based BLDG Partners and the California Municipal Finance Authority have acquired a 306-unit multifamily property in Paramount for $128.5 million. A private investor sold the property off-market.
The property, known as the Enclave Apartments, is located at 13801 Paramount Blvd. It will become middle-income housing under CMFA’s Essential Housing Program.
“The city of Paramount has been a committed partner in our efforts to preserve and expand the supply of low- and middle-income housing,” Guy Penini, principal of BLDG, said in a statement. “With this transaction, Paramount will be able to ensure the availability of attainably priced, quality housing for the long-term.”
Existing residents making 80% to 120% of the area’s median income will have their rent reduced. New leases will be reserved for residents earning that income as well. Existing residents who make more than that area’s median income can remain at the property if they choose.
“This innovative program produces so many benefits for our city,” Paramount Mayor Brenda Olmos said in a statement. “Middle-income households can include teachers, health care providers and first responders, often at the beginning of their careers. In Paramount, we’re proud to offer these vital members of the community a safe, high-
quality place to live at an affordable price.”
The property is BLDG and CMFA’s second Essential Housing purchase together this year and BLDG’s first acquisition in Paramount.
In January, the two also purchased a 282-unit property in Orange known as the Allure Apartments at 3099 W. Chapman Ave.
Several companies have been investing in middle-income housing using tax-exempt bond financing.
In January, Century City-based Standard Communities, the housing division of Standard Cos., West Hollywood-based Faring Property Group, the California Statewide Communities Development Authority and the city of Hawthorne announced they had purchased the 230-unit Millennium South Bay Apartments in Hawthorne for roughly $140 million. The property sits on 2.5 acres at 12530 Crenshaw Blvd.
In December, Standard and Faring also purchased the 349-unit Monterey Station in Pomona for $130 million. The property, at 120-180 E. Monterey Ave., was purchased from Clear Capital.
Both projects are becoming middle-income housing.
Newport Beach-based Waterford Property Co. has also been active in the sector, pairing up with the CSCDA to purchase assets including a 472-unit apartment complex in Pomona for $149.4 million; a 480-unit property in Pasadena known as the Westgate Apartments for $280 million; the 216-unit Oceanaire apartment complex at 150 W. Ocean Blvd. in Long Beach for $120 million; the 340-unit Residences at Westgate in Pasadena for $237 million; and the Hudson, a 173-unit property in Pasadena for $98.1 million.
