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11/12/25
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Eagle Partners has acquired The Hills at Hacienda Heights, a 350-unit apartment community in the San Gabriel Valley city of Hacienda Heights for $107 mil with plans to convert and maintain the property as an affordable housing community. Eagle Partners, a vertically-integrated multifamily real estate investor and operator, partnered with Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency (CalHFA), and Affordable Housing Access to execute upon the market-to-affordable conversion.
Built in 1970, the property sits on 10.5 acres at 2401 S. Hacienda Blvd, south of Hwy 60. The Hills at Hacienda Heights is a recently renovated community of one-, two- and three-bedroom homes offering a multitude of high-quality amenities, including a gym, business center, three pools and a spa, and expansive open areas. The community represents nearly 40% of all apartment inventory in Hacienda Heights.
Eagle Partners will restrict up to 350 units to households earning up to 80% of Area Medium Income (AMI) with an emphasis on minimizing tenant displacement. We’re told that The Hills at Hacienda Heights will be the second – and largest – CalHFA affordable housing preservation equity transaction in California.
Red Stone Equity Partners, a leading real estate investment firm specializing in affordable housing, partnered with JPMorgan Chase to execute the transaction. As a market leader in affordable housing and long-standing investment partner of Red Stone, JPMorgan Chase provided the majority of the capital for the investment. The investment is a part of Red Stone’s Preservation Equity platform, which utilizes private market solutions to acquire and preserve existing affordable rental housing throughout the country.
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