Eden Housing pays $31M for affordable housing complex in Azusa

Affordable housing nonprofit Eden Housing paid $31.3 million for a 120-unit apartment complex in Azusa in the San Gabriel Valley, according to property records.

Eden Housing, headquartered in the East Bay city of Hayward, bought Iris Gardens Apartments located at 385 North Rockvale Avenue. The seller was Rockvale Apartments LP, which is linked to Clear Capital LLC, a real estate investment trust focused on multifamily. The deal pencils out to $260,833 per unit.

Iris Gardens receives support through the state’s Low Income Housing Tax Credit program. Households must earn 50 to 60 percent of an area’s median income to live in an LIHTC building. The median household income for Asuza was $66,000, according to the 2020 census.

The apartments range from 350-square-foot studios with rents of $1,200 per month, to three bedrooms at 1,200 square feet, which cost for $1,750 per month, said Kevin Leichner, an Eden Housing vice president. His company anticipates an extensive remodel of the complex in the next three to four years.

In June, Clear Capital bought a market-rate 232-unit apartment complex in the San Bernardino County city of Upland for $82 million, or $353,448 per unit. According to a Clear Capital statement, the REIT owns a portfolio of more than 4,300 units. Clear Capital’s founding partners include Eric Sussman, a professor at UCLA’s Ziman Center of Real Estate.

Eden Housing has developed 10,000 affordable homes in its 50-year history. Earlier this month, it was selected by San Diego County to negotiate the development of 120 affordable housing units near San Diego State University. One-fourth of the units will be set aside as permanent housing for families and individuals struggling with homelessness.