Preservation

Preservation Strategy

Opportunity

The Arbors is a Naturally Occurring Affordable Housing (NOAH) asset that was leasing at below-market rents despite having no formal affordability protections. It was being marketed as a value-add opportunity, with plans for major renovations and significant rent increases.

Acquisition Strategy

To preserve long-term affordability, we partnered with a statewide agency and a mission-aligned nonprofit to record a regulatory agreement at closing that restricts up to 100% of units at 80% of Area Median Income (AMI) for 30 years, ensuring The Arbors remains an attainable housing option for the Santa Ana community for decades to come.

Impact

The Arbors is a successful example of how early intervention and creative structuring can preserve affordability in supply-constrained, high-cost markets. An early acquisition of this NOAH asset prevented its conversion to luxury housing, sustaining affordability and housing access for Santa Ana’s moderate-income population.