3720 S Western Avenue

Description

We are pleased to present an affordable housing development opportunity at 3720 S Western Ave, located just north of W Exposition Blvd in the Exposition Park neighborhood. The 17,965 SF lot will be delivered fully entitled for 200 income-restricted housing units and 1 manager unit with no parking required. The project's central location and proximity to major employment hubs are for prime for a high velocity workforce housing lease up strategy, allowing a mission driven developer the opportunity to support the missing middle segment given the project's discount to surrounding market rents. Plans call for an efficient seven story mid-rise project, utilizing Type IA construction for a fully stacked design. The existing retail structures will be delivered vacant at the close of escrow, allowing a developer to break ground immediately, without navigating the planning process or taking on additional risk through pending ordinances that are limiting the development of similar high density affordable projects. The finished project totals 89,655 SF and has a desirable unit mix of 32 singles and 169 one-bedrooms. The project also offers 20,100 SF of open space for recreation or supportive services. The lot is offered at a low $32,338 per buildable unit, allowing a privately funded developer the opportunity to develop a high yielding project and capture a strong return on cost with zero tax credits or government subsidies. In addition, the workforce housing potential and significant discount to surrounding market rents open avenues of potential construction financing without the need for prevailing wages, through CDFIs or mission driven lenders (contact agent for details).The project is located one mile west of the University of Southern California and provides convenient access to most major neighborhoods throughout Los Angeles. The property is walking distance to the Metro Expo rail line and multiple Metro local lines along Exposition Blvd. Located in a densely populated, infill submarket of Los Angeles, easy access to employment hubs such throughout Mid-City and others nearby such as Downtown LA, Koreatown, Hollywood, and South Los Angeles.