Alliant Strategic Development is looking to add more than 700 units of workforce housing to the tightening Los Angeles housing market. A portion of the new residences will be affordable housing. The firm has broken ground on four communities throughout the San Fernando Valley submarket, expecting to complete them in the fourth quarter of 2024 and the first quarter of 2025.
The firm also secured bonds issued by the California Municipal Finance Authority and California Housing Finance Agency to help finance the residential developments.
The 727-unit portfolio was designed as workforce housing, with Alliant expected to set the rent at 90 percent of the area median income on average. The company will restrict 144 of the units to those making 50 percent or less than the area median income.
The communities include the 220-unit Sync on Canoga, which will offer only one-bedroom units, the 149-unit Pendant on Topanga and the 332-unit Vose, which will each feature studio, one- and two-bedroom units, and the 26-unit Cadence at Noho, with one- and two-bedroom apartments.
According to Alliant, the units will have stainless steel kitchen appliances, stone countertops and in-unit washers and dryers. Building amenities will include rooftop decks, electric vehicle charging stations, pools, outdoor lounge areas and dog parks with washing stations. All four of the communities will be built in Opportunity Zones and will be transit-oriented developments since they will be within walking distance of mass transit options.
Setting an example with workforce housing
Eddie Lorin, Alliant’s founder & CEO, stressed the company’s focus on affordable housing during a groundbreaking ceremony for the project in Los Angeles, noting that most new development throughout the country is meant for high-income renters who only represent a small percentage of the population. Instead, Lorin said he wants to set an example with these four communities that it’s possible to deliver new Class A residential properties without putting an economic burden on working-class renters.
The Calabasas, Calif.-based firm also pursues low-income housing tax credit syndication and Opportunity Zone investments. Alliant has several ongoing California residential projects in the cities of Murrieta, Bay Point and West Sacramento and a 501-unit community in Las Vegas that’s under construction.
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