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FAQ: Aspen Real Estate Financial and San Bernardino Housing Authority's $12.3 Million Multifamily Community Acquisition

FaqStaq News - Just the FAQs July 30, 2025
By FAQstaq Staff
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FAQ: Aspen Real Estate Financial and San Bernardino Housing Authority's $12.3 Million Multifamily Community Acquisition

Summary

Aspen Real Estate Financial LLC, in partnership with the Housing Authority of the County of San Bernardino and CalAHA, has acquired Echo Apartment Homes for $12.3 million, marking a significant step towards addressing workforce housing shortages in Southern California.

What was acquired in this transaction?

Echo Apartment Homes, a 38-unit multifamily community located at 505 East Rialto Avenue in San Bernardino, California, was acquired for $12.3 million.

Who are the parties involved in this acquisition?

Aspen Real Estate Financial LLC (AREF), the Housing Authority of the County of San Bernardino (HACSB), and CalAHA are the main parties involved, with Lee & Associates brokering the deal.

Why is this acquisition significant?

This acquisition is significant as it addresses the gap between subsidized housing and market-rate rents by providing workforce housing, without requiring large capital contributions from housing authorities.

How does the lease-to-own structure work in this deal?

The HACSB will lease the property for 40 years with the option to own, where AREF donates all equity and upside value to the Housing Authority, which also receives 100% of the cash flow from the property.

What are the benefits of this program for the Housing Authority?

The Housing Authority benefits by acquiring property without upfront capital, receiving all cash flow and equity, and immediately providing workforce housing to the community.

How does this acquisition compare to traditional housing projects?

Unlike traditional rent-restricted developments that take years, this program focuses on existing Class A or B properties, offering immediate benefits to the community.

Who represented the buyer and seller in this transaction?

Matt Benwitt of Lee & Associates LA North/Ventura represented the buyer, while Cray Carlson of CBRE represented the seller.

What is the role of CalAHA in this acquisition?

CalAHA participated in the lease-to-own structure as CEO and legal counsel for their partnership with the Housing Authority of the County of San Bernardino.

What does this acquisition say about the Inland Empire multifamily market?

This sale reflects the strength of the Inland Empire multifamily market and the positive impact of strategic public-private partnerships on the community.

How can I get more information about this acquisition?

For more information, you can contact Lee & Associates or the Housing Authority of the County of San Bernardino directly.

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