Irvine Inn Apartments LP, a limited partnership formed by Legado Companies (Legado) and Foundation for Affordable Housing (FFAH), has successfully acquired Irvine Inn. FFAH V Irvine Inn, LLC will be the Managing General Partner, Irvine Inn GP LLC will serve as the Administrative General Partner and Legado Irvine LLC, wholly owned by Legado, will be the Limited Partner. FFAH V Irvine Inn is a Foundation for Affordable Housing affiliated company.
Legado is a privately-owned real estate investment company headquartered in Beverly Hills specializing in building, operating and financing the construction of quality residences and retail spaces to build strong and vibrant communities. Legado’s portfolio includes Low-Income Housing Tax Credit properties. The Foundation also currently serves as the Managing General Partner at Hacienda Villas, Main Street Plaza, Park Stanton Place and Plaza Court currently owned by Legado. On-site property management services at Irvine Inn will be provided by Moss & Company, a subcontractor of JDC. Moss & Company, or Moss Management Services, Inc. (Moss), is headquartered in Sherman Oaks and has been managing real estate for over 55 years. Moss manages industrial, office and retail space, as well as over 12,000 multifamily housing units, of which 1,490 units are designated as affordable. Resident supportive services will be provided by Embrace.
All parties involved are truly thrilled about this joint-venture acquisition of a 194-unit serving low- and very low-income households located at 2810 Warner Avenue in the City of Irvine. All units are restricted between 30 percent and 50 percent Area Median Income (AMI) rent levels for a term of 55 years. A great opportunity to preserve affordable housing supply for the long term.
