X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PASADENA, CA-Abode Communities, a Los Angeles-based nonprofit that was formerly known as the Los Angeles Community Design Center, plans 46 units of low-cost seniors housing in a conversion of an apartment building here, according to NAI Capital. Abode bought the building, which is at 1267 North Hudson Ave., through Hudson Oaks Limited Partnership in a deal that was negotiated by NAI Capital’s Pasadena office.

The property has been sitting vacant for two years, according to Robert Dixon of NAI Capital, who says that Abode’s redevelopment of the property “will provide much needed low-income housing for senior citizens.” Dixon represented Abode in the $4.5 million acquisition,m with Lee Ho of NAI Capital’s Pasadena office representing the seller, Quid Pro Quo Property Exchange Inc. Construction is scheduled to start in July on the project, which is near the intersections of Lake and Washington avenues.

Abode, which was founded in 1968 as the Los Angeles Community Design Center, designs, builds and manages affordable housing. The Los Angeles-based nonprofit changed its name to more accurately reflects its current organization and its overall goal of providing well-designed and developed affordable housing, according to the firm’s web site. It says that only its name has changed and that it continues to specialize in architecture, development, housing services and resident services.

Abode’s new project joins a list of other affordable and seniors housing projects by for-profits and nonprofits alike, that are under way or have been completed in the Los Angles area in recent months. Some are 100% affordable and others have portions of the building set aside for affordable housing.

Amcal Multi-Housing Inc. of Agoura Hills, for example, completed a 74-unit, 100% affordable apartment complex called Villas del Lago in the Westlake/MacArthur Park area in February. In January, the New York City-based Related Cos. reported that it had reached 100% leasing on the developer’s new 128-unit Hikari apartment complex, a public-private project in the Little Tokyo district of Downtown L.A. where 20% of the units are designated as affordable housing, with the rest market-rate.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.