Eagle Partners has acquired The Hills of Hacienda, a 350-unit apartment community located in the San Gabriel Valley of Los Angeles. The asset sold for $107 million, and Eagle Partners plans to convert all of the market rate community’s units into affordable housing.
The previous owner of the 10.5-acre property was MG Properties, according to Yardi Matrix. They took out a $51.1 million permanent loan from U.S. Bank in 2015, which was set to mature on December 1.
Eagle Partners worked with Red Stone Equity Partners, JPMorgan Chase, California Housing Finance Agency and Affordable Housing Access on the conversion. JPMorgan provided the majority of the capital for the transaction, alongside partner Red Stone.
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The Hills of Hacienda, which accounts for 40 percent of all multifamily inventory in Hacienda Heights, was originally built in 1970. As of October 2025, it was 95.1 percent occupied, Yardi Matrix shows. The community comprises a mix of one-, two- and three-bedroom units, with sizes ranging from 650 to 1,015 square feet.
After the units are converted, homes will be restricted to households earning up to 80 percent of the area median income.
Community amenities include a gym, business center, playground and spa, along with three pools. The property is located at 2401 S. Hacienda Blvd., within a few blocks of California State Route 60.
Growth of affordable housing conversions in Los Angeles
There have been several affordable housing conversions in Los Angeles in recent years, many of which have been led by the Housing Authority of the City of Los Angeles. In October 2025, HACLA purchased Emerald Apartments, a 154-unit community in the South Park neighborhood. Utilizing HUD’s Restore-Rebuild Program, the agency announced plans to reserve 24 percent of Emerald’s units for households earning at or below 30 percent and 50 percent of the AMI.
In April 2024, HACLA bought a 120-unit community called The LP by CLG, with the aim of converting 90 of the asset’s units to affordable housing, reserved for renters earning at or below 80 percent of AMI.
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