The property involved in the transaction is a multifamily asset located at 2401 South Hacienda Boulevard in Hacienda Heights, encompassing 10.5 acres. The acquisition was completed for a transaction amount of $107,000,000. The property consists of 350 units, with a price per unit calculated at $305,714.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $107,000,000
• Address: 2401 South Hacienda Boulevard
• Market: Hacienda Heights
• Acres: 10.5
• Units: 350
• Price Per Unit: $305,714
• Buyer: Randall J. Friend, Shahny Lutfeali & Taylor Friend - Eagle Partners; Tony Sertich - California Housing Finance Agency (CalHFA); Brian Fishback - Red Stone Equity Partners; JPMorgan Chase
• Broker: Kevin Green - Institutional Property Advisors - Marcus & Millichap

The transaction was notable for its aim to convert the apartment community into long-term affordable housing, with all units being restricted to households earning up to 80% of the area median income. The acquisition was executed in collaboration with Red Stone Equity Partners, JPMorgan Chase, CalHFA, and Affordable Housing Access, which will also involve investments in property upgrades.