Aspen Real Estate Financial and Partners Acquire Echo Apartment Homes to Boost Workforce Housing in San Bernardino

Aspen Real Estate Financial LLC (AREF), in collaboration with the Housing Authority of the County of San Bernardino (HACSB) and the California Affordable Housing Agency (CalAHA), has purchased Echo Apartment Homes, a 38-unit multifamily community in San Bernardino, California, for $12.3 million. This acquisition underscores the growing need for workforce housing in the region, offering a viable solution to the gap between subsidized housing and market-rate rents.

The transaction, brokered by Lee & Associates LA North/Ventura, represents AREF's second such acquisition in the past year, following the purchase of Rumble Road Apartments in Modesto, California. The HACSB will lease the property with an option to own over 40 years, implementing a workforce housing platform that maintains rent levels within affordable ranges for moderate-income earners. This innovative structure eliminates the need for housing authorities to provide upfront capital, with AREF covering acquisition costs and establishing reserves to ensure financial stability during economic downturns.

Rishad Mitha, Deputy Executive Director for HACSB, emphasized the importance of this partnership in expanding housing opportunities for the community. The Echo Apartments deal not only makes financial sense for the Housing Authority but also aligns with its mission to provide accessible housing options. Matt Benwitt of Lee & Associates highlighted the immediate benefits of AREF's program, which focuses on acquiring existing Class A or B properties to quickly address the workforce housing shortage.

Echo Apartment Homes features a mix of two to four-bedroom units, each equipped with modern amenities and community facilities designed to enhance residents' quality of life. The property's sale, noted as the highest price per unit in San Bernardino in over two decades, reflects the robust demand for multifamily housing in the Inland Empire and the positive impact of public-private partnerships in addressing housing challenges.

For more information on Aspen Real Estate Financial LLC and its initiatives, visit https://www.arefllc.com. Details about Lee & Associates can be found at https://www.lee-associates.com, and CBRE Group, Inc. at https://www.cbre.com.