Standard Communities and Faring Partner with Public Agencies to Expand Middle-Income Housing Opportunities Near Sunset Boulevard
Los Angeles, CA—February 7, 2022 – Standard Communities, a leading affordable housing investor and developer, has led a public-private partnership that acquired The Crescent at West Hollywood Apartments, a 130-unit community in West Hollywood, utilizing California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing.
Standard collaborated with Faring, CSCDA Community Improvement Authority and the City of West Hollywood on this acquisition.
With a total capitalization of approximately $100 million, the Crescent at West Hollywood Apartments is the sixth middle-income housing transaction by Standard-Faring Essential Housing. These transactions have collectively created over 1,300 middle-income units.
“We are excited to partner with the City of West Hollywood to help bring The Crescent at West Hollywood Apartments project to life. With approximately $6 million in planned capital expenditures for renovations, this property is well positioned to serve the City’s “missing middle” demographic for decades to come,” said Chris Cruz, Standard Communities Managing Director of Essential Housing.
“It is rare for a property of this scale to trade in the West Hollywood market, and when a sale does occur, rents usually go up. Our public-private partnership will allow income qualified households earning up to 80% of area median income to save up to $1,200 per month in rent, which shows the power of this program,” added Mr. Cruz.
Only a quarter mile from Sunset Boulevard, the Crescent at West Hollywood Apartments, located at 1274 N Crescent Heights Blvd, consists of 130 one- and two-bedroom apartments. Built in 1985, the five-story community sits on 1.7 acres and features extensive amenities, including a swimming pool, spa, fitness center, community barbecue areas, outdoor fireplace lounge, movie screening room, on-site laundry facility, package lockers and a courtyard.
“West Hollywood has some of the highest costs of living in LA County, with single family homes averaging over a million dollars. We are proud to partner with Faring, the CSCDA, and the city of West Hollywood to create more housing opportunities for essential workers and middle-income families,” said Jeffrey Jaeger, Principal and Co-Founder of Standard Communities.
“With the significant cost of new construction in southern California, it is critical for public and private entities to come together to create and preserve middle-income housing,” said Jason Illoulain, CEO of Faring.
Based in New York and Los Angeles, Standard Communities has a national portfolio of approximately 13,500 apartment units and has completed more than $3.6 billion of affordable housing acquisitions and rehabilitations nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.
Based in West Hollywood, California, Faring manages projects spanning multifamily, office, retail, hotel, medical office, and self storage properties. Faring is fully integrated and highly diversified with deep experience in development, acquisitions, construction management, and finance.
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