Jonathan Rose JV Opens LA Affordable Community
Units cater to residents earning between 30 and 80 percent of the AMI.
Jonathan Rose Cos. and Wakeland Housing & Development Corp. completed an all-electric fully affordable community encompassing 137 units in Los Angeles. Development costs of the community dubbed 1999 clocked in at $74 million.
The crew broke ground in the fall of 2023. Brooks + Scarpa, TINA CHEE Landscape Studio and Argento / Graham provided design services. Morley Builders served as the general contractor.
1999 encompasses studio, one- and two-bedroom floorplans. Apartments cater to residents earning between 30 and 80 percent of the area median income. Rose Social Impact Programming provides tenants a mix of social, health and educational plans.
The community rises seven stories at 1999 West Third St., less than 2 miles away from downtown Los Angeles. Miramar Towers—Jonathan Rose and Wakeland Housing’s 157-unit senior housing community—sits on the same site. Through a lot split, the developers were able to build 1999 next to the senior housing property.
Amenities include 10,000 square feet of open space, a gym and a resident lounge with computer stations, to name a few. Through its green building practices designed in accordance with Title 24 Energy Code, the community targets LEED Gold certification.
The capital stack included Transit-Oriented Development incentives. Additional funds consisted of two bonds issued by California Statewide Communities Development Authority with U.S. Bank as trustee, amounting to a combined $57.2 million, according to Yardi Matrix data. Wakeland Housing and Jonathan Rose self-financed the project with two construction loans of $17.8 million and $1.9 million, respectively. The project also secured LIHTC.
Metro Los Angeles affordable completions to thin out
Developers brought online more than 2,370 units inside fully affordable communities throughout Greater Los Angeles in 2024, according to a Yardi Matrix report. These completions made up 28.4 percent of the total multifamily deliveries in the market, which clocked in at 8,346 units.
Metro Los Angeles still held 31,353 units underway in December, of which more than a third were inside fully affordable developments, the same source shows. In 2025, the data provider expects 2,086 units to be delivered inside fully affordable communities, slightly behind last year’s figure.
One such development that’s set to reach completion this year is Agave, a 58-unit project in Altadena, Calif. EAH Housing, in partnership with Union Station Homeless Services, is behind the construction.
