At its meeting on January 27, the Board of Commissioners of the Housing Authority of the City of Los Angeles (HACLA) voted to approve the latest batch of purchase through Project Homekey, the state program which provides money for jurisdictions to acquire hotels and market-rate apartments buildings to repurpose them as interim or permanent supportive housing.
For nearly $508 million (including state and local funding), the HACLA and the City of Los Angeles is poised to buy 16 different properties totaling 1,276 residential units - a per-unit price tag of just over $398,000. The properties are as follows:
A five-story, 41-unit apartment complex with a single level of at-grade apartments located near the Crenshaw/LAX Line in Hyde Park. The City of Los Angeles is expected to pay $17.3 million for the newly-built property, with an expected closing date in late February 2022.
A six-story, 42-unit apartment complex built by Schon Tepler Group in Historic Filipinotown. The City of Los Angeles is expected to pay $18.6 million for the building, with an expected closing date in May 2022.
A two-story, 29-unit apartment complex next to the Pacoima Wash in Panorama City, which dates to the 1970s. HACLA is expected to close on the $10-million purchase in May 2022.
A recently-completed five-story, 36-unit apartment complex located near the Van Nuys Metrolink Station in the San Fernando Valley. The City of Los Angeles is expected to pay $16.6 million for the building, with a closing date at the close of February 2022.
A four-story, 27-unit apartment complex with at-grade parking and commercial space near the intersection of Sunset Boulevard and Alvarado Street in Echo Park. The City of Los Angeles is primed to pay $11.2 million to developer Schon Tepler Group for the newly-built structure, with a closing date in May 2022.
A newly-built 128-unit apartment complex in South Los Angeles. The City of Los Angeles will pay $49.5 million for the building in a transaction which is expected to close in March 2022.
A six-story, 80-unit modular apartment complex built by Universal Standard Housing in Westlake. HACLA has agreed to pay $31 million for the property.
A seven-story mixed-use building with 101 apartments and ground-floor commercial space in Canoga Park. The City of Los Angeles will pay $55.2 million for the building in a deal expected to close in April 2022.
A recently-completed mixed-use complex featuring 79 apartments and 2,100 square feet of retail space in Mid-City. HACLA will acquire the building for $36.5 million.
6531 S. Sepulveda Boulevard
The City of Los Angeles will acquire an Extended Stay America hotel at 6531 S. Sepulveda Boulevard in Westchester for $52.5 million. The transaction, expected to close in June 2022, will include 133 dwellings.
18602 S. Vermont Avenue
The City of Los Angeles is poised to pay $37.8 million to acquire an Extended Stay America hotel located at 18602 S. Vermont Avenue in Harbor Gateway, creating 136 dwelling units.
20205 Ventura Boulevard
Another Extended Stay America hotel located at 20205 Ventura Boulevard in Woodland Hills, consisting of 146 units, is expected to sell to the City of Los Angeles in a deal closing in June 2022.
19325 Londelius Street
In Northridge, a fourth Extended Stay America hotel is expected to sell to the City of Los Angeles for $46.8 million in June 2022, creating an additional 117 dwellings.
10150 Hillhaven Avenue
A newly built 62-unit apartment complex located in the Tujunga neighborhood. HACLA is poised to pay $17.7 million for the building in a deal closing in May 2022.
Just north of Hollywood Boulevard, the City of Los Angeles has agreed to pay $24.4 million to acquire the BLVD Hotel at 2010 N. Highland Avenue, creating 62 homes. The deal is expected to close in May 2022.
An 85-key hotel located just south of the I-10 freeway in Boyle Heights. HACLA will pay $35.8 million for the under-construction building in a deal closing in September 2022.
- Project Homekey (Urbanize LA)