Executive Summary

The Neema Group is pleased to present an affordable housing development opportunity at 11031-11035 Aqua Vista St, located in a prime North Hollywood neighborhood. The 13,236 SF double lot can be delivered fully entitled for 89 income-restricted housing units and qualifies for Tier 7 Section 8 rents.

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The project’s prime location minutes from Studio City and Universal Studios offers immediate access to major employment centers, transit, and lifestyle amenities, making it ideal for a high-velocity lease-up strategy. This presents a rare opportunity for a mission-driven developer to provide high-quality affordable housing in a market with strong demand and a significant supply gap.

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Plans call for a highly efficient five-story mid-rise building, utilizing Type IIIA construction to optimize cost-effectiveness.

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The completed project will span ~45,000 SF, featuring a well-balanced unit mix of nine Singles, 75 one-bedrooms, and five two-bedrooms.
The site can be delivered RTI, allowing a developer to break ground immediately without entitlement risk. Please contact agents about pricing and to review plans.

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11031-11035 Aqua Vista St is located a half-mile from the Metro Red Line and walking distance to multiple Metro Local Line bus stops along Vineland Ave.

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Central location just off the 101 Freeway with a plethora of high-end amenities nearby such as Universal Studios, Lakeside Golf Club, and retailers along Ventura Blvd and Lankershim Blvd

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Effective July 1st, 2025, updated rent schedules bring subsidized rents closer to market. Schedule 6 (Moderate – 110% AMI) now allows up to $1,927 for studios, $2,202 for one-bedrooms, and $2,477 for two-bedrooms. Schedule 9 (Low – 80% AMI) permits $2,120 for studios, $2,272 for one-bedrooms, and $2,726 for two-bedrooms. These increases materially improve underwriting and support long-term valuation for fully restricted projects in strong rental submarkets. For developers pursuing maximum yield, Section 8 vouchers may even exceed current LAHD rent limits—unlocking a potential path to higher stabilized income. HACLA has also actively encouraged voucher mobility into high-opportunity areas, further supporting this strategy.