AIDS Healthcare Foundation, the bane of developers looking to build tall near the organization's headquarters in Hollywood, is adding to its real estate portfolio in Downtown Los Angeles.
This week, AHF's Healthy Housing Foundation affiliate announced that it has purchased the Insurance Exchange Building at 320 W. 9th Street, a nearly century-old office tower which the non-profit intends to convert into housing.
“AHF is delighted to add the Insurance Exchange Building to our roster of affordable housing here in Los Angeles. We know firsthand the fight for affordable housing is fought one door at a time. This building offers the potential for 251 brand-new doors in its incarnation as Angel Tower,” said AHF president Michael Weinstein in a news release. “This also is the first commercial space that AHF will be reconfiguring as housing. The building’s ‘U’ shape lends itself well to adaptive reuse for housing as it makes it easier for our architects to ensure that all units created have ample windows for access to natural light and ventilation.”
AHF closed on its purchase of the 12-story building on March 7 for $21.25 million, according to a news release. The 99-year-old building is the 14th property which AHF has acquired, and the first in its portfolio that is not already built as housing. After completion of the project, the organization will own 1,666 affordable rental units in the Los Angeles area.
While AHF continues to grow its real estate portfolio, the organization has also faced criticism and legal troubles due to the maintenance of some of its properties in Downtown - specifically the aging Madison Hotel on Skid Row. More recently, AHF has come under scrutiny for financial ties to Los Angeles City Councilmember Kevin de Leon, who had engaged with city officials on the organization's behalf prior to taking office.
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