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housing-diversity-corp-secures-34-16-million-for-1317-s-grand-ave-in-los-angeles-south-park
Vida DTLA, a 147-Unit Community in Downtown Los Angeles, Achieves Rare Market-Rate Affordability
LOS ANGELES, UNITED STATES OF AMERICA, March 21, 2024 /EINPresswire.com/ — Housing Diversity Corp. today announced $34.16 million in additional equity and debt, comprised of $22.6 million from the United Way of Greater LA, and $11.56 million in additional equity raised through Pinnacle Partners for its Vida DTLA property at 1317 S. Grand Ave. in the South Park neighborhood of Downtown LA. Sponsored by OZ Navigator, a partnership between HDC and Nitze-Stagen, Vida DTLA’s grand opening is slated for March 28, 2024 at 10:30 a.m.
An eight-story building spanning 67,456 square feet on a 9,000 square foot lot, the development welcomes both subsidized and unsubsidized renters. It comprises 147 all-studio units, with 42 projected to accept Housing Choice Vouchers, 17 designated for Extremely Low Income residents through LA’s Transit Oriented Communities Program, and 88 market-rate units that will have rents affordable for individuals earning below 120% of the area median income.
“We’re immensely proud to secure funding for Vida DTLA, a project with a unique financing structure, that will bring much-needed affordable workforce housing to Downtown LA,” said Brad Padden, Founder and CEO of HDC. “Our innovative approach to financing and commitment to inclusivity will make a meaningful difference in the lives of our future residents. We are grateful for the support of our investors and partners, and we believe Vida DTLA and Liv DTLA together will have a lasting positive impact on the South Park community.”
The project benefits from the Federal Opportunity Zones Tax Incentive, which helps attract equity investments by allowing capital gains tax advantages to investors. Century Housing, a community development financial institution, provided the original acquisition loan.
“Pinnacle Partners is pleased to be providing equity through one of its managed opportunity zone funds on behalf of our investors to partially capitalize this much needed affordable housing multifamily project in Downtown LA” said Leo Backer, Co-Founder of Pinnacle Partners. “We are happy to note that this is the fourth workforce/affordable housing project in an Opportunity Zone funded by Pinnacle’s managed opportunity zone funds.”
“United Way of Greater LA is thrilled to see the Vida DTLA housing project has secured the funding needed to become a reality. This project demonstrates that creating affordable housing in LA is possible when we implement innovative approaches with partners like HDC,” said Elise Buik, UWGLA President & CEO. “By streamlining financing, offering flexible, below-market capital, and investing in creative designs, our Affordable Housing Initiative is bringing affordable housing to communities across Greater LA when we need it most.”
Additional partners include local resident and architect, Simon Ha of Steinberg Hart and STS Construction Services.
HDC has recently moved forward several affordable developments in LA, including:
● Liv DTLA at 1411 S. Flower St., expected to be completed in the second quarter of 2024 and bringing 227 units affordable for low-to-moderate income earners.
● Premiere Hollywood, located at 6752 Hawthorn Ave., completed last January. Eight of its 69 units were originally set aside for extremely-low-income earners, to be placed through a partnership with local advocacy group People Assisting The Homeless. The partnership worked so well, PATH now leases a total of 43 units, all of which go to tenants with housing vouchers earning below 50% of the area median income.
About HDC
Housing Diversity Corp. is a leading Multifamily Real Estate and Qualified Opportunity Fund manager. HDC’s principal, Brad Padden, has sponsored 23 real estate development projects over his development career, accounting for the production of 2,800 new multifamily apartments in the Pacific Northwest and Southern California. For media inquiries, contact media@housingdiversity.com. For more information visit https://housingdiversity.com/.
About United Way of Greater LA
United Way of Greater LA is one of LA’s most trusted nonprofits, mobilizing neighbors and investments to support each other in a crisis and build a future where everyone shares in our region’s wealth and prosperity.
About Pinnacle Partners
Pinnacle Partners has been an early mover and leader in Opportunity Zone real estate investing. The firm and its managed opportunity zone funds have invested approximately $250 million in OZ equity across fourteen projects that consist of 1,600 multifamily units, and two historic adaptive re-use office buildings. With more than 35 years of combined experience, Pinnacle Partners seeks best-in-class partners with track records of delivering and operating successful projects. To learn more about Pinnacle Partners, visit www.pinnacleoz.com and follow the company on LinkedIn at https://www.linkedin.com/company/pinnacle-partners-llc/.
Adina Eaton
Housing Diversity Corporation
+1 201-737-5745
adina@housingdiversity.com
March 21, 2024
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