LOS ANGELES — Alliant Strategic Development (ASD) has broken ground on four transit-oriented multifamily communities, totaling 727 income-restricted rental units, in the Los Angeles neighborhoods of Canoga Park, Van Nuys and North Hollywood.
Upon completion, which is slated to occur in the fourth quarter of 2024 and first quarter of 2025, the portfolio will offer units geared to households throughout the affordable spectrum — on average earning up to 90 percent of the area median income (AMI), with 144 of the units designated for households making 50 percent or less of AMI.
The four projects include:
- Sync on Canoga, featuring 220 one-bedroom units at 7019 Canoga Ave. in Canoga Park.
- Pendant on Topanga, totaling 149 studio, one- and two-bedroom apartments at 7322 Topanga Canyon Blvd. in Canoga Park.
- Vose, offering 332 studio, one- and two-bedroom apartments at 7050 Van Nuys Blvd. in Van Nuys.
- Candence at Noho, featuring 26 one- and two-bedroom units at 5633 Farmdale Ave. in North Hollywood.
The interiors of the 727 units will include energy-efficient stainless steel kitchen appliances, in-unit washers/dryers and stone countertops. Community amenities across the portfolio include fitness centers, rooftop decks, electric vehicle charging stations, pools, spas, outdoor lounge areas and dog parks with washing stations.
ASD is financing the developments with bonds issued by the California Municipal Finance Authority and California Housing Finance Agency.
Los Angeles is one of the most rent-burdened communities in the U.S., with a study by the University of Southern California’s Sol Price Center for Social Innovation showing that 73 percent of area households are rent burdened. Rent-burdened households are classified as spending 30 percent or more of household income on rent and utilities. The report saw 48 percent of that group as severely rent burdened, spending more than 50 percent of household income on rent and utilities.
“The majority of new multifamily development in Los Angeles and the rest of the country is being built for renters at the high end of the economic spectrum, which represents only a small percentage of renters,” says Eddie Lorin, ASD founder and CEO. “By being creative and using a variety of financing vehicles and incentives, it is possible to deliver Class A product that doesn’t place a severe burden on the working class.”
Calabasas-based ASD is a real estate firm focused on the preservation and development of attainable and workforce housing, low-income housing tax credit syndication and opportunity zone investments.
— Amy Works and Katie Sloan