Housing Diversity Secures $34M for LA Mixed-Income Community

Scheduled to open this month, the property comprises nearly 150 units.

Housing Diversity Corp. has received a financing package totaling $34.2 million for Vida DTLA, a 147-unit mixed-income community in downtown Los Angeles.

The funding includes a $22.6 million loan provided by United Way of Greater LA, as well as $11.6 million in additional equity from Pinnacle Partners.

Vida DTLA’s grand opening is scheduled for March 28, 2024 at 10:30 a.m.

General contractor STS Construction Services worked on the project alongside architectural firm Steinberg Hart, spearheaded by Simon Ha. According to Yardi Matrix data, the development has been financed through a $29.2 million construction loan originated by Trez Capital.

Rising eight stories on a 9,000-square-foot lot, the community encompasses studio apartments. Of the 147 units, 17 are reserved for extremely low-income residents through LA’s Transit Oriented Communities Program, 42 are set to accept Housing Choice Vouchers and 88 are slated to be market-rate.

Located at 1317 S. Grand Ave. in a qualified opportunity zone, the property is less than 1 mile north of Interstate 10 and roughly 1 mile east of California State Route 110. The Pico Metro Station is within walking distance, with the area scoring more than 94 both in walkability and transit. Grand Hope Park, a 2.5-acre urban park including playgrounds and grass lawns, and The Block, a 1.8 million-square-foot mixed-use venue providing office, coworking and retail spaces, are within a 1-mile radius.  

LA’s challenging affordable rental housing market

According to ABC, there were north of 123,000 total housing vouchers as of 2022 in the Greater Los Angeles area, with an average waiting list of 28 months. Furthermore, public housing waiting lists are more than double, with an average waiting list of nearly 6 years, the same source reveals.

Yardi Matrix data indicates that the Los Angeles metro currently has upward of 15,200 affordable and partially affordable units under construction. A pipeline bolstered by HDC with another 227-unit downtown LA project that is expected to come online in the second quarter of 2024. Just last January, the firm also launched Premiere Hollywood, a 69-unit mixed-income property that broke ground in 2020.

You May Also Like