Pasadena Apartment Building Preserved as Affordable Senior Housing

A 61-unit Pasadena apartment building will be preserved as affordable senior housing following the completion of a $31.2 million transaction announced Monday by Standard Communities.

Under the plan, the Villa Raymond Apartments, 455 N. Raymond Ave., will remain low-cost housing for senior citizens for decades to come, Standard Communities said in a written statement.

The transaction was financed through tax-exempt bonds through the California Debt Limit Allocation Committee, as well as federal Low-Income Housing Tax Credits provided by the California Tax Credit Allocation Committee, the company said.

“Completed in partnership with HUD, CDLAC, TCAC, and the nonprofit Housing On Merit, this $31.2 million transaction will preserve the affordability of all 61 units at Villa Raymond for the next 55 years,” according to the statement. “A comprehensive renovation program will invest more than $5 million to modernize unit interiors, upgrade building systems, improve accessibility features and enhance the property’s amenity spaces. In addition, residents will now have access to a comprehensive suite of services and programming, such as health and wellness programs, at no cost.”

Affordable senior housing is sorely needed in the region, said Standard Communities Chief Investment Officer Robert Koerner.

“There is a shortage of affordable senior apartments in the Los Angeles area, and we believe everyone, regardless of age or income level, deserves to have a place to call home. Standard is pleased to provide beautiful, safe homes for seniors in Pasadena,” said Koerner.

Standard Communities Director of West Coast Production Geoff Moen added that the current cost of building makes preserving affordable senior housing vital.

“With the significant cost of new construction in Southern California, the importance of being able to preserve existing affordable housing units at communities such as Villa Raymond is critical to the economic and social health of Pasadena and the Los Angeles metropolitan area in general,” Moen said.

Standard Communities, which is the affordable housing division of Standard Companies, has now created or preserved roughly 2,600 units of affordable housing in California, and more than 9,300 nationwide, the company said.

More information about Standard Communities is available online at standard-communities.com.