Hunton Andrews Kurth Advises Purchasers in the Acquisition of a Senior Housing Residence in Irvine, California

Hunton Andrews Kurth LLP advised the purchasers in the acquisition of Woodbridge Manor in Irvine, California, a deal that will ensure 165 homes for seniors remain affordable and sustainable for the future.

Asland Capital Partners, Fairstead,  Nuveen Real Estate and Innovative Housing Opportunities (IHO) announced the acquisition on Oct. 18. The affordable 165-apartment senior residence spans over four acres and features three community rooms, a computer lab, a fitness center, and a regular shuttle bus service that takes residents to and from medical appointments. The property, which is partially powered by renewable energy via solar panels, includes a trio of three-story buildings.

The transaction ensures the preservation of critical affordable housing stock in a high-barrier-to-entry city with less than 1,000 deeply affordable senior units. The apartment community, renovated in 2006, provides an affordable living option for residents at least 62 years old and those living with disabilities.

The Hunton Andrews Kurth team advising the purchasers was led by the firm’s global real estate practice co-chair Laurie A. Grasso and partner Anthony Bonan.