Standard Communities led a public-private partnership that acquired The Link Apartments, a 143-unit community in Glendale, utilizing California’s public-private partnership structure that facilitates the creation of middle-income housing. Employing tax-exempt bond financing, CSCDA Community Improvement Authority can acquire multifamily projects to provide much-needed housing for the middle-income and essential workers throughout California.

Standard served as project administrator and collaborated with CSCDA, Stifel Nicolaus & Company, Faring and the city of Glendale on this transaction. CSCDA Community Improvement Authority now owns the community. The total capitalization of this transaction is more than $100 million.

Upon taking ownership, CSCDA began working with Standard Communities to immediately lower rents for new residents with incomes between 80 percent and 120 percent of the Area Median Income.

The Link Apartments located at 3909 San Fernando Rd. is a mixed-use development with 143 one- and two-bedroom apartments. Built in 2020, the five-story community sits on 1.06 acres and features 13,520 square feet of ground-floor retail space.

“California is in the midst of a severe housing shortage and Standard’s public-private partnerships fill a crucial need for middle-income families,” said Jeffrey Jaeger, co-founder and principal of Standard Communities.