Standard Communities announced that it led a public-private partnership that acquired Millennium South Bay Apartments, a 230-unit community in Hawthorne, CA, utilizing California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing.
Standard said it collaborated with Faring, CSCDA Community Improvement Authority and the City of Hawthorne on the $140 million acquisition.
In August, Standard Communities and Faring announced a joint venture, Standard-Faring Essential Housing, to create more than $2 billion of “missing-middle” housing throughout California through both ground-up development and the acquisition and conversion of existing market-rate properties.
“This public-private partnership to create workforce housing will ensure that middle-income families and essential workers can afford to live in a high-quality, transit-oriented and mixed-use property, close to their work and many neighborhood amenities,” said Chris Cruz, Standard Communities’ managing director of essential housing.
