In Pasadena, Community Builders Group and Bridge Financial Advisors have completed work on a project billed the city's first affordable micro-unit apartment complex.
The Pasadena Studios, located just south of the 210 Freeway at 274 N. Oakland Avenue, consists of a six-story building which feature 180 apartments - ranging from 245 to 270 square feet in size - above parking for 25 vehicles. All of those apartments are to be reserved for renters earning no more than $53,000 per year - more than 900 of whom applied to rent in the building prior to its debut.
Ribbon cutting ceremony for the Pasadena Studios developmentCommunity Builders Group
“As a micro-unit development, Pasadena Studios is a new type of affordable housing product,” said Pasadena Housing Department Director Bill Huang in a news release. “It may very well prove to be an important innovation to help address the affordable housing crisis for many individuals who can no longer afford the high market rate rents in Pasadena.”
Natoma Architects and LCRA designed the 56,000-square-foot development, which is split into three volumes which wrap a central courtyard. The residential uses are accompanied by amenities including rooftop decks, a fitness center, a recreation room, and a courtyard.
274 N Oakland AvenueGoogle Maps
The total price tag of the Pasadena Studios is pegged at $45 million - translating to a per-unit cost of $250,000. Funding for the project included tax credits and tax-exempt bonds, but no loans or subsidies from the City of Pasadena.
The project was built by Westport Construction, with WinnCompanies subsidiary WinnResidential serving as property manager.
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- 274 N Oakland Avenue (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
