Eagle Partners Pays $163M for Two Senior Housing Complexes Near San Diego
The adjacent properties combine for 551 units in Escondido
By Greg Cornfield March 11, 2026 3:35 pm
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Eagle Partners is expanding its “attainable housing platform” in Southern California about four months after its first big acquisition in Los Angeles.
The multifamily investment firm, an affiliate of Eagle Real Estate Investment Group, put down $162.5 million to acquire two adjacent senior housing communities with 551 units in Escondido in San Diego County. Boston-based Intercontinental Real Estate Corporation sold the properties, records with PropertyShark show.
Eagle Partners closed the deal with J.P. Morgan Chase, which provided the majority of the capital, as well as Red Stone Equity Partners, the California Statewide Communities Development Authority and Affordable Housing Access.
The Hendrix Apartments at 439 West El Norte Parkway and The Hadley Apartments at 1045 Morning View Drive include one- and two- bedroom residences, as well as swimming pools and fitness centers. Eagle Partners said it plans to implement a long-term affordable preservation strategy and capital improvement program at the developments.
“Senior housing represents one of the most meaningful and durable segments of the multifamily market,” Shahny Lutfeali, managing partner of Eagle Partners, said in a statement. “This acquisition reflects our conviction that the preservation of well-located communities — when paired with thoughtful capital investment — can deliver both stable long-term returns and a genuine improvement in quality of life for residents.”
It’s the firm’s second preservation transaction after Eagle, Red Stone and J.P. Morgan acquired a 350-unit property in Los Angeles County in November 2025 for $107 million, whereas Eagle Real Estate Investment Group owns and manages more than 1,900 affordable senior and affordable housing units across Southern California.
The national senior housing sector faces a growing supply and affordability crisis as 10,000 Americans turn 80 daily, and development lags far behind demand. Occupancy and investor appetite are surging, but most capital is chasing acquisitions as opposed to ground-up projects.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
