Acquisition of Maryland Residential Community, The Ivy Rockville
Irvine, CA—Asland Capital Partners, a private real estate investment firm specializing in multifamily and mixed-used investments; Fairstead, a purpose-driven, vertically integrated real estate company; women- and minority-owned real estate platform iimpact Capital; global real estate manager Nuveen Real Estate; and Innovative Housing Opportunities (IHO) announced today the acquisition of Woodbridge Manor in Irvine, California.
“Asland is excited to partner with Nuveen, Fairstead, iimpact, and IHO to close this important transaction for the City of Irvine,” said James H. Simmons, III, Founder and CEO of Asland Capital Partners. “As a high-barrier-to-entry California city with less than 1,000 deeply affordable senior units, the preservation of affordability, rehabilitation, and forward commitment to providing social services to Woodbridge Manor’s culturally diverse tenants is essential for the community and its residents.”
“Fairstead remains committed to preserving our nation’s critical affordable housing stock and we are proud to advance our impact in California by adding Woodbridge Manor to our growing portfolio in partnership with Asland Capital Partners, iimpact, and Nuveen,” said Jeffrey Goldberg, CEO of Fairstead. “Our seniors deserve to live in communities that offer the amenities, services, and resources they need to live independently for as long as possible. By preserving the affordability of Woodbridge Manor, we are able to ensure its senior residents will have a stable, high-quality place to call home.”
“We are committed to preserving affordable housing and creating a positive impact for our residents and the communities we serve through sustainable improvements and resident services,” said Pamela West, Senior Portfolio Manager of Impact Investing for Nuveen Real Estate. “Woodbridge Manor represents a significant opportunity to do so in a high-demand area and we expect this project to deliver significant impact locally.”
Woodbridge Manor consists of 165 one-bedroom apartments affordable to seniors earning up to 60 percent of the Area Median Income (AMI), or a maximum of $59,040 per year. The complex is comprised of a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least 62 years old and those living with disabilities.
“Woodbridge Manor is significant to IHO because it was our organization’s first project and also the first low-income housing complex ever created in Irvine,” said Rochelle Mills, President and CEO of Innovative Housing Opportunities. “We are thrilled that these apartments will continue to serve in-need seniors, extending a legacy that IHO began in 1981.”
Financing was also provided by Lument through the Freddie Mac CME program.
Set on more than four acres of land, the affordable residence features three community rooms, a computer lab, fitness center, and a regular shuttle bus service that takes residents to and from medical appointments. The property also includes a set of solar panels, which provides the complex with a clean, renewable energy source.
Marcus & Millichap’s Affordable Housing Advisors served as the seller’s broker in this transaction. Gerd Alexander of Paul Hastings and Laurie Grasso and Anthony Bonan of Hunton Andrews Kurth served as counsel for the purchasers.
This acquisition of this 165-apartment affordable home for seniors grows Fairstead’s portfolio in California to nearly 1,000 units. As Fairstead continues to expand its footprint across the country, this news follows the company’s recent acquisition of the Kinneret Apartments in Downtown Orlando, Florida; a 950-unit affordable housing portfolio in Kentucky; and the Aurora Apartments in San Antonio, Texas.
Woodbridge Manor is Asland’s first acquisition in California and the company’s second investment in the senior housing sector following the current development of 1940 Turnbull Avenue, a 154-unit affordable residential property designated for seniors aged 62 years and older, located in the Soundview Neighborhood of The Bronx in New York, scheduled for delivery in the spring of 2024.
