Los Angeles–based Eagle Real Estate Partners has kicked off a new co‑investment partnership with TriPost Capital Partners with two apartment acquisitions.
In March, Eagle and its institutional partners acquired the Hendrix and Hadley Apartments, a 551‑unit active‑adult property in Escondido, north of San Diego, for $162.5 million from MG Properties, the Multi-Housing News reported. In November, the venture purchased The Hills at Hacienda Heights, a 350‑unit multifamily property in Los Angeles County, for $107 million, also from MG Properties.
The Eagle-TriPost partnership aims to acquire up to $1.5 billion in multifamily assets across the West Coast and select U.S. markets. TriPost will contribute more than $50 million in general partnership co‑investment capital to accelerate Eagle’s value‑add strategy, which targets regulated affordable housing, market‑rate‑to‑affordable conversions and workforce housing.
Eagle Managing Partner Shahny Lutfeali said TriPost’s commitment will strengthen the firm’s ability to execute its acquisition pipeline, though specific target markets beyond the West Coast were not disclosed. TriPost launched a similar strategy in the office sector last year.
The first two anchor transactions illustrate Eagle’s investment thesis, which hopes to take advantage of growing institutional interest in affordable and workforce housing conversions along the West Coast.
At the Hendrix and Hadley Apartments in Escondido, Eagle plans to convert the properties into affordable housing for residents aged 55 and older, restricting 80 percent of units to households earning up to 80 percent of area median income for the next decade. The two properties, located less than a mile apart, feature pools, fitness centers and dog parks in a supply‑constrained submarket northeast of San Diego.
JPMorgan led financing for the purchase, which included $104.4 million in Fannie Mae loans.
The deal for The Hills at Hacienda Heights was backed by Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency and Affordable Housing Access. Eagle will reconfigure the 1970‑built complex for households earning up to 80 percent of area median income under a long‑term affordability agreement.
MG Properties, the seller in both transactions, purchased a Denver market apartment building in 2023 for $76 million. The company spent another $144 million for a complex in Orange County last year.
– Joel Russell
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