Multifamily investor Alliance Property Group (APG) acquires 88-unit Valley Pride Village in Sylmar, California
October 17, 2022 (Los Angeles, CA) – Alliance Property Group (APG) is proud to announce the acquisition of an $18.5M, 88-unit property at Valley Pride Village in Sylmar, California! Valley Pride Village serves the senior community and is a naturally affordable housing (NOAH) community.
This preservation project is targeted to provide affordable housing to senior households at and below 80% Area Median Income (AMI). APG plans to make energy efficiency upgrades as a part of the preservation plan with $2.5M exterior/interior renovations.
One of the planned improvements includes the installation of a PV solar system which is targeted to reduce external energy consumption by 50%, reduce greenhouse emissions, and leverage public resources for funding. Other clean energy improvements such as cool roofs and window replacements are included in the renovation plan.
“We are excited to further expand our presence in Sylmar, CA with the purchase of Valley Pride Village,” said Danielle Curls Bennett, President of APG. “This NOAH development will undergo renovations to provide long-term income-restricted affordable housing. This is APG’s 2nd acquisition of 2022. It will be an asset to the local community for years to come, and we at APG are proud to be part of it.”
This innovative Valley Pride Village project will Preserve Affordable Housing. The property continues to serve existing tenants while serving target populations at 50% and 80% AMI for the foreseeable future.
APG is honored to receive funding from Century Housing under Century’s Special Purpose Credit Program (SPCP). SPCP targets minority and women owned business developers, and is supported by JPMorgan Chase.
Thank you Century Housing for providing us with the necessary assets to pursue this project. We are excited to contribute to something great in the Sylmar area alongside our partners Community Bible Community Development Corporation (CBCDC), and FPI Management (Property Manager).
About Alliance Property Group (APG)
Alliance Property Group (APG) is a Los Angeles-based real estate investment and development company that specializes in affordable, workforce, market-rate multi-family housing. Founded in 1997, APG connects investors to communities, and has been serving partners and investors by creating innovative solutions for complex housing projects.