Los Angeles, CA– Standard Communities has led a public-private partnership that acquired Union South Bay Apartments, a 357-unit community in Carson, California, utilizing California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing. This marks Standard’s second multifamily residential transaction in Carson in six months.
Located at 615 E Carson St, in Carson, the Union South Bay Apartments were completed in 2020 and comprise two five-story buildings on five acres. In addition to 357 luxury apartment units, the mixed-use community contains over 28,000 square feet of retail space. Premium finishes and a host of amenities at Union South Bay Apartments include a fitness center, rooftop deck, resort-style swimming pool, an indoor/outdoor bar, and a dog washing station.
Utilizing California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing, Standard served as Project Administrator and collaborated with CSCDA Community Improvement Authority, Stifel Nicolaus & Company, and the City of Carson to complete this transaction. CSCDA Community Improvement Authority now owns the property. The total capitalization of this transaction is over $220 million.
Employing tax-exempt bond financing, CSCDA can acquire multifamily projects to provide much-needed housing for middle-income and essential workers throughout California. CSCDA, upon taking ownership of the property, works with Standard Communities as Project Administrator to immediately lower rents for new residents who qualify with incomes between 80% and 120% of the Area Median Income (AMI) – making the units affordable to middle-income families.
“Standard is an enthusiastic partner with the CSCDA and the city of Carson, in our efforts to create middle-income housing at this critical time,” said Chris Cruz, Managing Director of Essential Housing at 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 Mr. Cruz.
“Housing costs have soared, with rents often consuming up to 50% of a family’s income. Standard seeks to play a growing role in creating homes for middle-income families in California,” said Jeffrey Jaeger, Co-founder, and Principal of Standard Communities.
“This effort to preserve housing for local professionals aligns with my COVID-19 recovery plan to attract middle-income employers and the jobs they create,” said Carson Mayor Lula Davis-Holmes.
Standard has a portfolio of approximately 4,000 units throughout California. In December, Standard led a public-private partnership to acquire Renaissance at City Center in Carson.
Based in New York and Los Angeles, Standard Companies has a national portfolio of over 15,500 apartment units, including approximately 11,500 affordable units, and has completed more than $3 billion of affordable housing acquisitions and rehabilitations nationwide. The affordable housing division of Standard Companies is Standard Communities, which strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.
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