With the aim of bringing more affordable housing options to the Greater Los Angeles area, Eden Housing has recently acquired a 119-unit multifamily building in Azusa. According to public records, the property was acquired from an entity affiliated with Clear Capital LLC for $31.3 million, or about $263,025 per unit.
The property is located at 341 N. Rockvale Ave. and is known as Iris Gardens. The property was initially developed in 1962 and offers a mix of unit types as well as a leasing office, gated parking and a laundry room, according to a landing page for the property on Eden Housing’s website.
Located in Azusa, the property is just northeast of downtown Los Angeles and near the San Gabriel Mountains. Iris Gardens is in a primarily residential area with nearby retail amenities. Azusa Pacific University is also just a short commute from the apartment complex.
The property’s new owner, Eden Housing, was founded in 1968 with the goal of acquiring and developing multifamily properties for the use of affordable housing. The company was founded in Hayward and has since developed or acquired more than 10,600 affordable homes throughout the state of California. According to the company’s website, Eden Housing currently serves about 22,000 low income residents across the state.
The company has remained active throughout the Southern California region over the past several years.
Most recently, the company announced it was selected by the County of San Diego for the development of a 120-unit affordable housing project in the city’s College Area. The project will take shape at 5001 73rd Street.
Other Southern California properties owned by Eden Housing include Arroyo Vista, a 156-community at 26196 Crown Valley Parkway in Mission Viejo, and Windscape, a 45-unit apartment building at 9730 Reseda Blvd. in Northridge.