Exh. A - Ground Lease Consent Request Seasons Senior Villas at The Civic 13160 6th Street Chino CA.pdf

May 13, 2024

VIA FEDEX AND EMAIL

City of Chino
13220 Central Avenue
Chino, CA 91710
Attn: City Manager

Fred Galante
City Attorney
City of Chino
13220 Central Avenue
Chino, CA 91710
email: [email protected]
Re: Request for Consent to Ground Lease Transfer:

Project: Seasons at Chino Apartments Project
Address: 13160 6th Street, Chino, CA
Tenant: Chino Housing Investors, L.P.

Landlord: City of Chino
Agreement: Ground Lease dated March 17, 1998 by and between Landlord and Tenant (the “Ground Lease”)

Ladies and Gentlemen:

This letter constitutes notice that Tenant intends to effectuate certain organizational transfers within Tenant, constituting a transfer of the Ground Lease, as more particularly described herein (the “Transfer”).

Tenant’s current organizational structure is set f orth on Exhibit A-1. The interest s in Tenant currently held by affiliates of Highridge Costa will be transferred to affiliates of Standard Communities, with the final intended structure of Tenant set forth on Exhibit A-2. The Transfer will be consummated pursuant to amendment s to Tenant’s and its constituent entities’ organizational documents.

Standard Communities is an experienced multifamily apartment project Tenant and currently owns nearly 19,500 residential units (including, more than 18,400 affordable and workforce housing units) across the United States . A company overview for Standard Communities and its key principals, Scott Alter and Jeffrey Jaeger, is attached as Exhibit B.

Page 2 ends

3008/029060-0329
20582029.1 a05/13/24

In connection with the consummation of the Transfer or shortly thereafter, Tenant is considering engaging Apartment Management Consultants, L.L.C., a Utah limited liability company (“AMC”) as the new property manager of the Project. A company overview for AMC is attached as Exhibit C.

Tenant requests that Landlord consent to the Transfer with respect to the Ground Lease or otherwise advise what further documentation Landlord may require in order to evaluate the Transfer as soon as possible after receipt of this letter.

Please direct communication on this matter to Keith Dragoon and Jordan Tessier of Rutan & Tucker, LLP. Should you have any questions regarding the foregoing, please do not hesitate to contact such individuals.

Very truly yours,

STANDARD COMMUNITIES

Keith Dragoon, Managing Director

cc (via email): Robert Burns ([email protected])
Traci Smith ([email protected])
Mr. Keith Dragoon ([email protected])
Jordan Tessier, Esq. ([email protected])

Exhibit A-1

Pre-Transfer (Existing) Organizational Chart

Exhibit A-2

Post-Transfer (Proposed) Organizational Chart

Exhibit B

Company Overview - Standard Communities

3008/029060-0329
20582029.1 a05/13/24

Exhibit C

Company Overview - AMC

3008/029060-0329
20582029.1 a05/13/24

Chino City CouncilSeptember 3, 2024

Chino City Council
September 3, 2024