Curated News
By: NewsRamp Editorial Staff
July 30, 2025

AREF and Partners Acquire Echo Apartment Homes to Boost Workforce Housing

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Original Source

TLDR

  • Lee & Associates facilitated a $12.3 million deal for Echo Apartment Homes, offering AREF and partners a strategic entry into the San Bernardino workforce housing market at $323,000 per unit.
  • AREF's partnership with HACSB and CalAHA structures a 40-year lease to own, covering acquisition costs and reserves, ensuring workforce housing without upfront capital from housing authorities.
  • This acquisition by AREF and HACSB introduces affordable workforce housing in San Bernardino, directly benefiting moderate-income families and enhancing community stability and growth.
  • Echo Apartment Homes, sold for $12.3 million, features modern amenities and a unique lease-to-own model, marking a significant step in addressing Southern California's housing shortage.

Impact - Why it Matters

This transaction is a critical step towards alleviating the housing affordability crisis in Southern California, offering a model for how public-private partnerships can swiftly provide quality, affordable housing for the workforce. By focusing on existing properties, AREF's program delivers immediate benefits to communities, helping to bridge the gap between subsidized housing and market-rate rents. This approach not only supports moderate-income families but also contributes to the economic stability and growth of the region.

Summary

In a significant move to address the workforce housing shortage in Southern California, Lee & Associates has facilitated the $12.3 million acquisition of Echo Apartment Homes by Aspen Real Estate Financial LLC (AREF), in partnership with the Housing Authority of the County of San Bernardino (HACSB) and CalAHA. This 38-unit multifamily community in San Bernardino marks the second such acquisition by AREF in the past year, following the purchase of Rumble Road Apartments in Modesto. The deal is structured as a 40-year lease to own, with AREF covering the capitalization and reserves, thereby enabling the Housing Authority to benefit from 100% of the property's cash flow and equity without upfront capital.

The initiative is part of AREF's broader mission to provide affordable workforce housing by acquiring Class A and B properties, offering rents 15-20% below market rates. Echo Apartment Homes, featuring modern amenities and ranging from two to four bedrooms, represents a strategic investment in the Inland Empire's multifamily market. The transaction underscores the potential of public-private partnerships to create immediate housing solutions for moderate-income families, a pressing need as market rents continue to rise. Key figures in the deal include Matt Benwitt of Lee & Associates, who represented the buyer, and Cray Carlson of CBRE, who represented the seller.

Source Statement

This curated news summary relied on content disributed by citybiz. Read the original source here, AREF and Partners Acquire Echo Apartment Homes to Boost Workforce Housing

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