Cypress Equity Investments sold the 494-unit Next on Lex complex in Glendale for $290 million, converted into workforce housing. The state-funded California Community Housing Agency purchased the development at 275 W. Lexington Drive.
According to a report, the agency purchased the 205-unit Brio complex from Sequoia Equities earlier this month. Catalyst Housing Group will manage Brio and Next on Lex on behalf of the state.
This type of housing is to fill the gap between high-priced market-rate homes and supported by government financially low-income properties. At least two other recently build properties also sold this year to state-funded investors for workforce housing conversions.
The Waterford Property bought the Oceanaire complex in Long Beach in March with the help of tax-exempt bonds from the California Statewide Communities Development Authority.