CityPads has secured a $28-million in financing for the construction a new multifamily residential development just south of the I-10 Freeway, Priority Capital Advisory announced this week. 

The funding will go toward the construction of a project at 8931 W. Helms Place, which CityPads obtained approvals for earlier this year. Plans call for the construction of a five-story building featuring 92 studio, one-, and three-bedroom apartments. That total includes several accessory dwelling units which are being permitted separately.

View looking northeastThe Albert Group Architects

“Very few market rate projects are breaking ground in Los Angeles due to Measure ULA, but this project is incredibly special given its trophy Culver City-adjacent location and affordable price point," said Priority Capital Advisory founder Zachary Streit in a news release. "It was very well received by lenders."

City approvals include density bonus incentives to permit a larger structure than would have otherwise been allowed by zoning rules at the time. In exchange, 12 of the apartments are to be offered for rent to low- and extremely low-income households.

 The Albert Group Architects is designing the contemporary low-rise structure, which will include co-working space, patios, a parking garage, and a rooftop deck. 

8931 W. Helms PlaceGoogle Maps

Completion of the building is expected in late 2026.

While CityPads principal Andy Ahitow indicated in a statement that the project is the first in Los Angeles for CityPads, it will not be the last. The company recently initiated an application to build a larger 144-unit development on a property one block away on Kramerwood Place.

Outside of Los Angeles, CityPads has approvals to build a 132-unit apartment complex on a site near the North/Clyborn CTA Station in Chicago.

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