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agle Real Estate Partners, an affiliate of Eagle Real Estate Group, acquired The Hills at Hacienda—a 350‑unit complex that represents nearly 40 % of Hacienda Heights’ apartments—for $107 million. The purchase, supported by Red Stone Equity Partners, JPMorgan Chase, CalHFA, and Affordable Housing Access, will convert the property from market‑rate to affordable housing.

    Built in 1970 and recently renovated, the complex offers one‑ to three‑bedroom units. Current residents whose incomes exceed 80 % of Los Angeles County’s median income will remain in place, while future tenants must meet the same income threshold. For a two‑person household, the annual limit is $96,950, per the county’s Department of Regional Planning. “We’re not in the business of displacing residents,” said co‑founder Shahny Lutfeali, noting that the regulatory agreement ultimately aims for 100 % of units to be encumbered.

    A demographic study by partner Taylor Friend indicates that about 65 % of existing tenants already meet the income criteria, a figure expected to rise as research concludes. Although the apartments are already naturally affordable, Lutfeali emphasized that the regulatory framework safeguards long‑term affordability. He also highlighted the investment appeal: acquiring a large, institutional‑quality asset, regardless of its affordable component, is compelling.

    Friend pointed to the San Gabriel Valley submarket and Hacienda Heights’ strong workforce housing profile—well‑connected to transit nodes and featuring a stable tenant base—as key draws. The scarcity of supply in the area further motivated the purchase.

    This transaction marks CalHFA’s second affordable‑housing preservation equity deal, following the $38.3 million acquisition of Nova Apartments in Rowland Heights earlier this year. CalHFA Executive Director Tony Sertich praised the partnership as a creative way to boost and preserve affordable housing for low‑to‑moderate‑income Californians. By collaborating with CalHFA, the deal achieved an instant regulatory agreement, creating affordable units overnight rather than waiting for new LIHTC developments, exemplifying a successful public‑private partnership.