130 Market Rate Units to Middle-Income Housing in West Hollywood, CA
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 Los Angeles, 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 this workforce housing project to life. With approximately $6 million in planned capital expenditures for renovations, this property is well-positioned to address the City’s “missing middle” housing needs 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 as much as $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 rehabilitation nationwide. Standard Communities strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable and environmentally sustainable housing.
Faring, based in West Hollywood, California, 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.
