$65M Affordable Housing Project Planned In Koreatown
West Hollywood Community Housing Corp has acquired a solid chunk of land in Koreatown and has plans to develop a $65M affordable and senior housing complex there. Pictured is the developer's Vermont Manzanita project near the border of Koreatown and Pico Union. Keyvan Moradian and Yoav Sarraf of Concord Real Estate Services arranged the deal for the housing group.
The affordable housing developer picked up the 1.76-acre site for $9.5M in an off-market deal. Plans include demolishing the senior housing complex on the site and replacing it with 186 units.
PSL Architecture will build the project in two phases. The first phase, Westmore Linden, will consist of a 95k SF apartment complex for low-income seniors with 85% of its 93 units being one-bedroom apartments, according to GlobeSt.com. The second phase will be Elden Elms, a seven-story, 93-unit complex for low-income families.
Phase 1 could be completed by fall 2018. [GS]