ESCONDIDO, Calif. — Eagle Partners has acquired an affordable seniors housing portfolio located in Escondido for $162.5 million. Red Stone Equity Partners, a real estate investment firm specializing in affordable housing, is a strategic partner of Eagle and acted as an equity investor in the transaction.
The portfolio includes two adjacent communities, The Hendrix Apartments and The Hadley Apartments. Totaling 551 units, the properties feature one- and two-bedroom residences reserved for seniors age 55 and older.
Eagle Partners plans to implement a long-term affordable preservation strategy and implement capital improvements at the communities.
JPMorgan Chase, an investment partner of Red Stone, provided the majority of capital for the transaction. Eagle also partnered with The California Statewide Communities Development Authority and Affordable Housing Access to execute the acquisition.