More than 700 attainable and affordable rental housing units are coming north of Los Angeles. Calabasas, Calif.-based real estate firm Alliant Strategic Development (ASD) broke ground on four transit-oriented multifamily communities that will add 727 attainable and affordable rental housing units to the San Fernando Valley.
The four projects are:
Sync on Canoga: 220 one-bedroom apartment homes at 7019 Canoga Avenue, Canoga Park.
Pendant on Topanga: 149 studio, one- and two-bedroom apartment homes at 7322 Topanga Canyon Boulevard, Canoga Park.
Vose: 332 studio, one- and two-bedroom apartment homes at 7050 Van Nuys Boulevard, Van Nuys.
Cadence at Noho: 26 one- and two-bedroom apartment homes at 5633 Farmdale Avenue in North Hollywood.
“These four projects demonstrate that it is possible to deliver new Class A product at rents that are affordable to the majority of the renters who live in the area and still pencil for us,” said Eddie Lorin, CEO and Co-Founder of Alliant Strategic Development. “They feature the same quality finishes, and amenities as the competitive set in the neighborhood including modern appliances, in-unit washers and dryers, rooftop decks and resort-style pools (pending the project size). Their proximity to mass transit allowed us to reduce parking requirements, and increase density, which in turn saved us millions in development costs. Those savings were passed on to our [residents].”
The developments are being financed with bonds issued through state programs, and the communities will be completed in the fourth quarter of 2024 and the first quarter of 2025. The communities will focus on residents earning on average 90% of the area median income (AMI), and nearly 150 apartment homes will be restricted to households earning 50% or less of the AMI.
“These four new developments demonstrate that with a little creativity we can build high-quality housing that doesn’t price out the majority of California renters,” said California State Treasurer Fiona Ma, who was at the groundbreaking event in February.
NAA continues robust advocacy efforts to responsibly address the nation’s housing affordability challenges. The rental housing industry’s advocacy helped the Promoting Affordable Housing Near Transit Act become law in late 2021 and continues work to reduce barriers to apartment development and boost the supply of housing
Learn more about transit-oriented developments.