LOS ANGELES-Phoenix Realty Group and West Angeles Community Development Corp. have closed escrow on the site of a 61-unit multifamily project called West Angeles City View that will include condominiums, townhouses and single-family homes in the Crenshaw District. The project is the latest in a series of efforts by Phoenix, which focuses on work force housing, to provide what it calls housing for "residents wanting to own homes near their jobs."
The development site, now occupied by an empty commercial building, is at West 54th Street and 5th Avenue. It will include 56 condominiums, three townhomes and two single-family homes priced from $369,000 to $520,000 in a neighborhood close to schools, shopping and parks.
The development is designed "to meet the growing demand for home ownership in urban neighborhoods of South Los Angeles," according to Phoenix, which is funding the project through its $103-million Genesis Workforce Housing Fund. The Phoenix partner in this deal, West Angeles Community Development Corp., is the community development arm of the 24,000-member West Angeles Church of God in Christ. West Angeles Community Development is led by Lula Ballton, its CEO.The new condo project marks the 11th in a list of housing and retail developments that the Genesis Workforce fund has financed in the past two years. The housing developments total 1,000 units and the retail 36,000 sf.J. Michael Fried, founder and CEO of Phoenix Realty Group, notes that the new project is part of more than 400 units of new, for-sale housing in South Los Angeles that are part of the 1,000 units now being built in Greater Los Angeles with equity investments from the Genesis Fund. Ultimately, Phoenix expects the $103 million to finance more than 2,000 units with total development costs of more than $500 million.In addition to investment capital, Phoenix will provide West Angeles Community Development Corp. with "a full complement of development expertise and market knowledge," according to Jay Stark, PRG managing director for the western region.Phoenix created the Genesis Workforce Housing Fund in partnership with the Los Angeles-based Genesis LA Economic Growth Corp., a nonprofit organization that links public and private financing and services to facilitate development in urban areas. The fund provides equity and mezzanine financing for housing that will be affordable to the broadest segment of the housing pyramid, including first-time homebuyers.
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