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7/31/25
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In an Inland Empire res trade, Aspen Real Estate Financial LLC (AREF), in partnership with the Housing Authority of the County of San Bernardino (HACSB) and CalAHA, purchased Echo Apartment Homes, a 38-unit multifamily community in San Bernardino, for $12.3 mil ($323k/unit). The asset is located at 505 East Rialto Ave, just east of Waterman Ave.
Echo Apartment Homes consists of 26 two-bedroom units averaging 1.1k sf, six three-bedroom units averaging 1.2k sf and six four-bedroom units, also averaging 1.2k sf in size. Each unit includes stainless steel appliances, including refrigerator, range, dishwasher, microwave, and garbage disposal, full-sized, side-by-side washer & dryer, plank flooring and large covered patio. Community amenities include state-of-the-art multi-sport court, covered parking, controlled access, professional, on-site management staff and 24-hour on-site maintenance.
The HACSB, on a 40-year lease to own the property, will begin implementing this workforce housing platform at the property, where the rent levels are structured to fall within workforce housing levels. Housing Authorities along with their city or school district partners do not have to provide funds for this program. AREF handles the capitalization of the acquisition, along with adequate reserves to cover lease payments and operating expenses in recessionary periods. This program is a long-term lease to own, where AREF donates all the equity and upside value to the Housing Authority. Additionally, the housing authority gets 100% of the cash flow from the property.
Matt Benwitt of Lee & Associates LA North/Ventura represented the buyer in the transaction and is the exclusive broker for AREF. The seller was repped by Cray Carlson of CBRE. Nick Benjamin and Tom Lewis of CalAHA - CEO and legal counsel - participated in the lease to own structure for their Housing Authority of the County of San Bernardino. Rishad Mitha, Deputy Executive Director of Housing Authority of County of San Bernardino and their employees undertook the due diligence for the formation of the lease.
This is the second AREF acquisition with this structure in the past 12 months. In September 2024, the company partnered with Stanislaus Regional Housing Authority and CalAHA to acquire Rumble Road Apartments in Modesto.
“We continue to see a huge shortage of workforce housing in Southern California and across the United States as market rents continue to climb,” said Benwitt. “Unlike the typical rent restricted development projects which can take years to provide, AREF’s program focuses on existing Class A or B properties where the benefits are immediate. AREF is focused on acquiring new or nearly new Class A and B multifamily properties in California where it can implement its program.”
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