Overview
- Eagle Partners, with Red Stone Equity Partners, J.P. Morgan, the California Statewide Communities Development Authority and Affordable Housing Access, acquired two age-restricted properties totaling 551 units in Escondido, Calif.
- The Hendrix Apartments at 439 West El Norte Parkway and The Hadley Apartments at 1045 Morning View Drive sit less than a mile apart in the San Diego metro area.
- J.P. Morgan provided a $104.4 million financing package composed of two Fannie Mae loans, according to transaction data.
- At least 80% of apartments, or roughly 440 units, will be reserved for households earning up to 80% of area median income for ten years, and Eagle plans capital improvements under a long-term preservation strategy.
- The deal extends a repeat partnership that previously bought the 350‑unit Hills at Hacienda Heights and comes as senior housing occupancy reaches 89.4% since its 2021 low, per Clarion Partners.