Los Angeles, CA — Standard Communities, the affordable housing division of Standard Property Company, is pleased to announce that Costa Azul, which was previously known as South Fulton Village, in Santa Fe Springs, California will now dedicate apartment homes for very-low-income seniors. The property will also undergo a renovation to ensure that it remains high-quality, affordable housing for years to come.
“We are excited to have created affordable housing for seniors in the L.A. market, since many residents have struggled to afford a quality home as costs have climbed in recent years,” said Jeff Jaeger, co-founder of Standard Communities. South Fulton Village has been a lower-cost option for renters in East Los Angeles County, and this transaction will provide residents with the peace of mind that comes with knowing that their homes will remain affordable going forward in a market that typically sees large rent increases following a renovation.
The 280-unit property sits on seven acres and features a swimming pool, two spas, and two clubhouses that residents enjoy using for social and community events. Jones Lang LaSalle arranged Tax Exempt Loan financing from Freddie Mac as part of the transaction.
