HACIENDA HEIGHTS, CALIF. — Eagle Partners has acquired Hills at Hacienda Heights, a 350-unit community about 20 miles east of Los Angeles in Hacienda Heights. The asset traded for $107 million. Institutional Property Advisors (IPA) arranged the sale, representing the undisclosed seller, and $71 million in acquisition financing for the buyer. Kevin Green, Joseph Grabiec and Gregory Harris led IPA’s team. Eagle Partners will convert the property from market-rate to affordable housing, restricting rents at 80 percent of area median income.
Project partners in the conversion included Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency (CalHFA) and Affordable Housing Access. Hills at Hacienda Heights was built in 1970 on approximately 10 acres. It is a gated community with three pools, a hot tub, a fitness center, coworking space and covered parking.