Eagle Partners Buys SoCal Apartments for Conversion to Affordable Housing
The 350-unit development accounts for nearly 40% of the apartment stock within unincorporated Hacienda Heights
By Nick Trombola November 11, 2025 12:15 pm
reprints
Southern California will take all the affordable housing it can get, and that sometimes means conversions from market-rate apartments.
El Segundo’s Eagle Partners has paid $107 million for a 350-unit complex at 2401 Hacienda Boulevard in unincorporated Hacienda Heights, Calif., in the eastern part of Los Angeles County. Eagle Partners, in partnership with Red Stone Equity Partners, J.P. Morgan Chase, the California Housing Finance Agency (CalHFA) and Affordable Housing Access, plans to upgrade the property and restrict its units for residents earning up to 80 percent of the local area median income. MG Properties sold the complex, according to PropertyShark records.
“This acquisition underscores what is possible when sophisticated capital aligns with a clear purpose, and that positive impact can be married with compelling financial returns to better the communities that we operate within,” Shahny Lutfeali, Eagle Partners’ managing partner, said in a statement.
Built in 1970 on about 10.5 acres, the complex, dubbed The Hills at Hacienda Heights, accounts for nearly 40 percent of the entire apartment inventory within Hacienda Heights. The conversion project will also be CalHFA’s second and its largest affordable housing preservation project, according to Eagle Partners, which is an affiliate of Eagle Real Estate Investment Group. A team led by Institutional Property Advisors’ Kevin Green brokered the deal.
“As part of the state’s overall housing finance strategy, CalHFA is continually exploring creative ways to boost and preserve the supply of affordable housing for Californians earning low to moderate incomes,” Tony Sertich, CalHFA’s executive director, said in a statement.
Elsewhere in Southern California, the Ballmer Group, an organization founded by Los Angeles Clippers owner Steve Ballmer, last month committed $75 million to fund affordable housing preservation. The financing will go to a fund controlled by Avanth Capital Management, which is aimed at acquiring, developing and preserving affordable housing across the country.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
