Overview

Description

Lee & Associates Investment Services Group, serving as the exclusive advisor, is pleased to present the opportunity to acquire 820-822 S. Lake Street (“Property”). This 32-unit, 100% affordable multifamily development site will consist of 6-story building ― 5-story type IIIA over 1-story type 1A construction ― and is strategically situated near the intersection of Lake and 8th Streets, just two blocks southwest of MacArthur Park and within walking distance to Metro A-E lines.

With an impressive Walk Score of 94, excellent transit options, high bikeability, and close proximity to schools, employment centers, and transit facilities, this location provides residents with a convenient lifestyle, facilitating easy commuting throughout the city without the need for an automobile. Ranked as the second most walkable neighborhood in the city, Westlake effortlessly bridges the gap between Downtown and Koreatown. Residents enjoy abundant leisure and entertainment options, including notable destinations like MacArthur Park, Echo Park, Dodger Stadium, and the Broad Museum.

The Property provides a new Buyer the opportunity to purchase the site with permits ready-to-issue at close and the ability to mobilize construction, complete the apartment units, and begin leasing the property within an estimated 14 to 18 months.

The development plans entail 32 affordable apartment units with luxury features and amenities, including a dishwasher in each unit, 35 bike stalls, a laundry room area, and a large beautiful roof deck with 2,000 square feet of seating area, tables, plants and greenery.

The current ownership has successfully navigated the initial hurdles, utilizing AB2334 and ED1 to secure project approval. They have recorded a covenant for Schedule 1 and Schedule 6 rents. These schedules, utilizing 30% of 80% AMI and 30% of 110% net AMI, respectively, ensure broad eligibility among potential tenants, given the current AMI levels. For reference, prospective buyers are encouraged to review the AMI information.

Additionally, the property presents the flexibility to accommodate tenants with Section 8 vouchers.

Considering the ongoing housing shortage, this property stands as a highly sought-after investment development. The mass appeal and potential for a swift stabilization process make it an attractive prospect. This opportunity not only offers a low-risk approach to development but also positions itself for full occupancy by the end of the 4th quarter in 2025.

Location

With an impressive Walk Score of 94, excellent transit options, high bikeability, and close proximity to schools, employment centers, and transit facilities, this location provides residents with a convenient lifestyle, facilitating easy commuting throughout the city without the need for an automobile. Ranked as the second most walkable neighborhood in the city, Westlake effortlessly bridges the gap between Downtown and Koreatown. Residents enjoy abundant leisure and entertainment options, including notable

destinations like MacArthur Park, Echo Park, Dodger Stadium, and the Broad Museum.

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