The development will comprise 617 mixed-income units, along with retail.
The San Fernando Valley communities date back to the early 1960s.
A California-based affordable housing investor acquired the property.
Upon completion, the community will cater to residents earning between 30 and 80 percent of the area median income.
To minimize costs and project timeline, the developer will use a prefabricated modular design.
Greenland USA developed the $1 billion mixed-use property where THEA at Metropolis is located.