Reiner Communities, a real estate investor that specializes in affordable housing, has paid $48 million for an East Hollywood complex catering to seniors.
Records show that Reiner bought the 142-unit Hobart Garden Apartments from a company tied to Dallas, Texas-based L&B Realty Advisors.
According to the website for Irvine-based Reiner, the complex in the 1300 block of N. Hobart Blvd is designated an “affordable senior community” with studio and one-bedroom apartments. Renovations at the complex—which serves low to very-low income households—are slated for the spring.
MUFG Union Bank provided financing.
According to Reiner’s website the company, founded by Ken Reiner in 2003 and formerly known as Bentall Residential, owns more than 20 properties from Oakland to Indio — all with affordable-housing components.
“Affordable multifamily housing is no longer defined by the urban public housing projects of the 1960s,” the company notes. “It has evolved into contemporary workforce housing that serves the needs of local communities. If developed or recapitalized properly, affordable projects are indistinguishable from conventional market-rate properties.”
Records show that seller L&B Realty Advisors received financing from HUD in 2011. The loan stipulated that the owner maintain affordable rental housing at the site for five years.
East Hollywood has become a hotspot for multifamily development, with at least four mid-sized projects in the works.
Last year, Target finally got the nod to complete the construction of its new store at the corner of Sunset Boulevard and Western Avenue.