(To read more on the multifamily market, click here.)

(For more retail coverage, click GlobeSt.com/RETAIL.)

LOS ANGELES-MJW Investments and Phoenix Realty Group have closed escrow on the $92 million second phase of the Santee Village loft project, which will total 445 housing units and 66,000 sf of retail space when all three phases are completed. The 216-unit second phase that MJW and Phoenix will develop will include 23,500 sf of retail space.

The MJW-Phoenix second phase, which will consist of for-sale units, follows a first phase that included 165 loft apartments and 40,000 sf of retail space. The project is a conversion of office and light industrial buildings at 738 and 746 S. Los Angeles St. and 743 Santee St.

Phoenix Realty Group is providing its equity investment in the project via its $103-million Genesis Workforce Housing Fund. The fund provides equity financing to create for-sale market-rate housing for middle-income households.

MJW is targeting “the growing number of workers seeking shorter commutes” and the urban life style that is gaining popularity in downtown LA, says Mark Weinstein, founder of MJW Investments. It’s also aimed at creating for-sale housing that is affordable to first-time buyers who are priced out of suburban areas of Los Angeles and Orange counties, notes Keith Rosenthal, president of Phoenix Realty Group.

Jay Stark, PRG’s western region managing director, identifies those prospective buyers as office workers, fire fighters, police officers, teachers and others whose incomes are at or below 150% of the area’s median income of $55,100 for a family of four, or approximately $83,000 a year. The project, which has been designated a historical and cultural monument by the City of Los Angeles, will transform garment manufacturing buildings that were constructed between 1913 and 1920.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.