Eagle Partners buys back OC apartments in $133M affordable preservation deal
Eagle Real Estate Partners and Vistria Group joined forces to acquire a workforce housing community in Orange County. The multifamily investment firms purchased the 402-unit Crystal View Apartments at 12091 Bayport Street in Garden Grove for $132.5 million, or approximately $329,600 per unit, Commercial Observer reported. Newmark’s Geoff Boler and Jonathan Merhaut represented Eagle Real Estate in the sale. The transaction preserves affordability at the workforce housing community by extending existing affordability for 20 percent of the units which are designated for households earning up to 50 percent of area median income. The purchase also establishes new long-term affordability restrictions […]This article originally appeared on The Real Deal. Click here to read the full story.
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