A recently-completed development on Downtown's South Park neighborhood has sold to the Housing Authority of the City of Los Angeles (HACLA).

The Emerald apartments, completed by Jade Enterprises in 2023 at 1340 S. Olive Street, consists of a seven-story structure featuring 154 studio, one-, two-, and three-bedroom apartments. Plans call for adding six accessory dwelling units within the existing structure in the coming months, as well as more than 2,000 square feet of ground-floor commercial space.

View from 14th and Olive looking northeastMVE + Partners

Moving forward, HACLA will set aside 25 percent of the building's apartments for renters earning at or below 30 and 50 percent of the area median income level. As they gradually turn over, the remaining apartments will be reserved for renters earning between 60 and 120 percent of AMI.

The acquisition of Emerald was financed by City National Bank, and permanent financing will be taken out in 2026. HACLA was able to purchase the building for approximately $322,665 per unit, including the ADUS. 

1340 S. Olive StreetGoogle Maps

“The Emerald acquisition is about protecting our neighborhoods and ensuring working-class Angelenos have access to safe, stable, and affordable housing,” said Councilmember Ysabel Jurado, who represents Downtown. “By preserving affordability in existing communities, we are keeping families together, preventing displacement, and building a Los Angeles where every family can thrive.” 

As major real estate transactions have slowed to a crawl in Los Angeles following the passage of Measure ULA, HACLA has emerged as one of the largest buyers of multifamily housing in the City, acquiring 2,750 units in 40 deals over the past four years. The bulk are being converted into affordable and supportive housing, such as the 335-unit Clarendon apartments in Woodland Hills.

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