Reiner Communities pays $48M for 142-unit East Hollywood complex

Buyer has designated the property as an “affordable senior community”

TRD LOS ANGELES /
Mar.March 10, 2020 08:00 AM
Hobart Garden Apartments at 1344 N Hobart Boulevard (Credit: Google Maps)
Hobart Garden Apartments at 1344 N Hobart Boulevard (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
Daniel Yukelson of Apartment Association of Greater L.A. (Credit: iStock)

Landlords fuming over sexual harassment “reports”

Landlords fuming over sexual harassment “reports”
Kevin Conway, director of acquisitions at IDEAL Capital Group in Clovis (Credit: iStock)

Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall
The coronavirus pandemic could worsen California’s affordable housing crisis

COVID-19 exposes the utter dysfunction plaguing affordable housing development in California

COVID-19 exposes the utter dysfunction plaguing affordable housing development in California
From left: Neil Shekhter and Governor Gavin Newsom (Credit: Kevin Scanlon, Justin Sullivan/Getty Images, and iStock)

Tenant group calls for CA rent strike

Tenant group calls for CA rent strike
Skid Row Housing Trust CEO Lee Raagas and a rendering of the project (Credit: Michael Maltzan Architecture via Urbanize)

Skid Row Housing Trust, Michael Maltzan Architecture plan mass-timber housing tower

Skid Row Housing Trust, Michael Maltzan Architecture plan mass-timber housing tower
CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

CGI scores $48M in construction financing for Koreatown multifamily project
Los Angeles City Attorney Mike Feuer (Credit: iStock)

City Attorney Mike Feuer will run for mayor. Here’s what it means for LA real estate

City Attorney Mike Feuer will run for mayor. Here’s what it means for LA real estate
Steve Ballmer, Mayor James Butts and the Forum (Credit: Jeff Gross/Getty Images, Frederick M. Brown/Getty Images for WE Day, and Ritapepaj/Wikipedia)

Clippers could sail into Inglewood buoyed by Ballmer’s billions

Clippers could sail into Inglewood buoyed by Ballmer’s billions
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...