The two complexes--projects of Advanced Development and Investment Inc. and non-profit Care Housing Services Corp.-- will be in the South Los Angeles and Westlake areas of the city.
Related has provided $10.6 million in equity for tax credits generated by Vermont City Lights, a 60-unit development featuring three- and four-bedroom units, and $3.5 million for Broadway Vistas, a 21-unit complex that will consist entirely of four-bedroom units. Vermont City Lights will be located on two separate tracts, the first one mile south of the University of Southern California in the south central portion of the city at 1011 West 42nd Place. The second site is in the Westlake community, less than one mile west of downtown Los Angeles at 419 South Loma Dr. The apartment buildings will be three and four stories in height respectively, with three- and four-bedroom units ranging in size from 1,100 sf to 1,527 sf. The majority of the apartments will be earmarked for families earning 35% to 60% of the area's average median income with rents beginning at $451 per month.
The three-story Broadway Vistas complex will be situated in South Los Angeles at 9800-9814 S. Broadway, five miles south of downtown. The four-bedroom units will be 1,225 sf in size with rents beginning at $577 per month and targeted toward families in a similar income range to Vermont City Lights.
Advanced Development and Investment Inc., based in Los Angeles, is a developer and owner of affordable housing. Care Housing Services Corp. is a non-profit, affordable-housing organization based in Tarzana.Related Capital Co. is one of the largest providers of debt and equity to the apartment industry, with a focus on affordable housing. The company has provided debt and equity financing for more than 1,300 properties in 46 states.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.