Real Estate Management and New Construction Deals More Than Quadruple in the Last 12 Months
Los Angeles, CA (June 17, 2020) – EAH Housing, an affordable housing nonprofit organization, announced that it has exponentially increased its footprint into Los Angeles and Southern California.
The organization has grown its managed fee portfolio and developed partnerships with Housing Authority of the City of Los Angeles (HACLA), Los Angeles Housing Partnership (LAHP), and A Community of Friends (ACOF). The three new clients account for more than 2,700 multifamily rental apartments and are a result of the focus from EAH Housing to expand quality management practices to affordable communities throughout the western United States.
“EAH Housing is proud to have been selected by HACLA, LAHP and ACOF as their management company and we’re excited about our expansion in the Los Angeles area,” said Josh Romoff, director of new business for EAH Housing. “We share many of the same mission-based values that we have developed over our 50+ years history. Our robust experience helps us provide a best practices approach to managing affordable communities, which will benefit everyone, most especially our residents.”
“We believe a partnership with EAH Housing is a way to move quickly and nimbly to address the issues and concerns that we face in the affordable housing industry,” said Vivian Ramirez, president and chief executive officer of LAHP.
This April, ACOF became the newest client of EAH Housing, adding 504 affordable housing rental units for seniors, veterans, and permanent supportive housing for formerly homeless people to its management portfolio.
“ACOF researched quality property management firms that had experience with permanent supportive housing. After meeting with a few different management agents there really was only one choice, EAH,” said Patrick Day, senior asset manager of ACOF. “Their team of professionals were more than up to the task of transitioning companies, with accounting, compliance, and staffing changes.”
In addition to managed fee services, EAH Housing is developing new affordable housing rental apartment apartments as well. In the last six months, EAH broke ground on two new properties in Southern California. The Pointe on Vermont, a 50-unit building, includes 25 units of permanent supportive housing (PSH) in Los Angeles, and Magnolia Villas, a 40 unit building for low income seniors in Santa Monica. Construction is expected to be completed by Fall of 2021. Five new affordable housing developments are in the pipeline.
“Our investment into Southern California was a natural fit for us. Los Angeles and many nearby cities have a very proactive and progressive approach to the housing crisis,” said Laura Hall, president and chief executive officer of EAH Housing. “They recognize the need for the management and production of quality, affordable housing. Our experience and mission align well with the goals and values of many local governments, nonprofits and agencies here.”
EAH Housing now has 600 employees and serves more than 22,000 residents in more than 210 affordable housing developments in California and Hawaii.
About EAH Housing
Established in 1968, EAH Housing is one of the largest and most respected nonprofit housing development and management organizations in the western United States. EAH develops low-income multifamily housing, manages more than 210 properties in 85 municipalities in California and Hawaii, and plays a leadership role in local, regional and national housing advocacy efforts.