Standard Communities announced it has led a public-private partnership that acquired Union South Bay Apartments, a 357-unit community in Carson, CA. Standard said it utilized California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing.
Standard said it served as project administrator and collaborated with CSCDA Community Improvement Authority, Stifel Nicolaus & Company and the City of Carson to complete this transaction. CSCDA Community Improvement Authority now owns the property. The total capitalization of this transaction is over $220 million, Standard said.
“Standard is an enthusiastic partner with the CSCDA and the city of Carson, in our efforts to create middle-income housing at this critical time,” said Chris Cruz, managing director of essential housing at Standard Communities.
