Standard Communities said it has led a public-private partnership that acquired The Crescent at West Hollywood Apartments, a 130-unit community in Los Angeles, utilizing California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing.
Standard collaborated with Faring, CSCDA Community Improvement Authority and the City of West Hollywood on this acquisition. With a total capitalization of approximately $100 million, the Crescent at West Hollywood Apartments is the sixth middle-income housing transaction by Standard-Faring Essential Housing. These transactions have collectively created over 1,300 middle-income units.
“We are excited to partner with the City of West Hollywood to help bring this workforce housing project to life. With approximately $6 million in planned capital expenditures for renovations, this property is well positioned to address the City’s “missing middle” housing needs for decades to come,” said Chris Cruz, Standard Communities managing director of essential housing.
