BEVERLY HILLS – BLDG Partners (BLDG), in partnership with the California Municipal Finance Authority (CMFA), a joint powers authority, has announced the acquisition of Enclave Apartments, a 306-unit multifamily property located at 13801 Paramount Blvd. in Paramount, CA, through CMFA’s Essential Housing Program. The acquisition, valued at $128.5 million ($419,934 per unit), is BLDG and CMFA’s second Essential Housing purchase together in 2022.
With the transaction, the market-rate apartment building will be transformed into sorely needed “missing-middle” housing. Existing residents earning between 80 to 120 percent of area median income (AMI) will see significant reductions in their rents; tenants whose incomes exceed the program’s income limits can remain in place until they elect to leave. New leases will be reserved for residents earning between 80 to 120 percent AMI.
“The City of Paramount has been a committed partner in our efforts to preserve and expand the supply of low- and middle-income housing,” said Guy Penini, Principal of BLDG. “With this transaction, Paramount will be able to ensure the availability of attainably-priced, quality housing for the long-term.”
Paramount city officials hailed the deal as an innovative way to provide more housing for community members in need.
“This innovative program produces so many benefits for our City,” said Paramount Mayor Brenda Olmos. “Middle-income households can include teachers, health care providers, and first responders, often at the beginning of their careers. In Paramount, we’re proud to offer these vital members of the community a safe, high-quality place to live at an affordable price.”
The transaction was sourced off market. The seller was a private investor.
This acquisition marks BLDG’s first acquisition in the City of Paramount. It is the company’s second conversion of a market-rate property in Southern California to essential housing in 2022.
In late January, BLDG and CMFA purchased the 282-unit Allure Apartments in Orange, CA. BLDG Partners is a developer and owner of both affordable and market-rate housing, with holdings across the country. For more information, visit www.bldgpartners.com.
