"Standard Communities and West Hollywood-based Faring Capital announced a partnership and plans to invest $2 billion in middle-income housing across California — both through acquisitions of existing properties and ground-up development," said Jeff Jaeger Co-Founder, and Principal of Standard Communities.

"We were excited by the opportunity to invest a large amount of capital into the project, update the community, and preserve the affordability for the residents,” said Jeff Jaeger Co-Founder, and Principal of Standard Communities

"By focusing on middle-income housing, California cities can ensure that middle-income families and essential workers such as first responders, hospital and healthcare staff, and teachers, can afford to live near their jobs in the communities they serve,” said Jeffrey Jaeger, Principal, and Co-Founder of Standard Communities.

"Union South Bay Apartments demonstrates Standard’s creative and nimble approach to increasing middle-income housing in California. We look forward to further partnerships that ensure housing for middle-income and essential workers is created across the state,” added Chris Cruz Managing Director of Essential Housing.

"Standard has a successful track record working with local communities and state agencies to expand middle-income housing opportunities for essential community employees. As a result, first responders, hospital and healthcare staff, teachers, and other essential workers are able to afford housing in neighborhoods near their jobs,” said Chris Cruz, Managing Director of Essential Housing, at Standard Communities.

“We were excited by the opportunity to invest a large amount of capital into the project, update the community, and preserve the affordability for the residents,” said Jeff Jaeger Co-Founder, and Principal of Standard Communities.

“In addition to saving the residents an average of $1,050 annually in electricity costs, the 1.368 million kWh of electricity generated each year by the new solar photovoltaic system will provide significant environmental benefits. This system will offset the equivalent of 968 metric tons of carbon, which is the equivalent of cars driven 2.4 million miles annually or consuming 109,000 gallons of gasoline,” said Jeff Jaeger, Co-Founder and Principal of Standard.

“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 healthcare professionals – have access to affordable housing and stable neighborhoods near their jobs,” said Jeffrey Jaeger, Principal and Co-Founder of Standard Communities.

“There is a shortage of affordable senior apartments in the Los Angeles area, and we believe everyone, regardless of age or income level, deserves to have a place to call home. Standard is pleased to provide beautiful, safe homes for seniors in Pasadena,” said Robert Koerner, Chief Investment Officer of Standard Communities. 

“This transaction closed on schedule while California was in the middle of a statewide stay-at-home order. It is testament to what can be accomplished when a skilled closing department collaborates with a professional borrower group and our dedicated industry partners at HUD," Weissman added