Executive Summary

DOWNLOAD OFFERING MEMORANDUM

• The Neema Group is pleased to present an affordable housing development opportunity at 4303-4313 W Pico Blvd, located between Crenshaw Blvd and S La Brea Ave in Mid City. The 16,514 SF lot will be delivered fully entitled for 149 income-restricted housing units and 1 manager unit, along with a level of on-grade parking totaling 39 parking spaces.
• The project’s central location and proximity to major employment hubs are 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 III over Type I construction for a fully stacked design aimed at reducing construction costs. The existing two retails 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 68,586 SF and has a desirable unit mix of 48 singles (351-353 SF) and 102 one-bedrooms (421-475 SF). The ground-level garage totals 12,480 SF and includes 39 parking spaces that can serve future tenants or be potentially converted into ADUs for a higher density project. The project also offers 11,259 SF of open space for recreation or supportive services, including a courtyard, rear yard, and roof garden with panoramic views of the surrounding cityscape.
• The lot is offered at a low $40,000 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 also offers the unique opportunity to purchase an ED-1 project in a core Los Angeles location, circumventing leasing competition during lease up from other ED-1 projects that are clustered in South LA and SFV. The strong location supports multiple leasing strategies upon completion, driving occupancy, leasing velocity and maximum allowable rents.
• The project is located within a mile of I-10 and provides convenient access to most major neighborhoods throughout Los Angeles. High walk score of 89; the central location allows for an easy commute to nearby neighborhoods such as Hollywood, Koreatown, Pico-Robertson, Westlake, and Downtown Los Angeles and is just north of the 10 Freeway; the site is also walking distance to five metro local lines on Pico Blvd and Crenshaw Blvd
• Located in a densely populated, infill submarket of Los Angeles, the project benefits from retail amenities along W Pico Blvd, including Midtown Crossing just down the street with tenants such as Lowe’s Home Improvement, PetSmart, Ross Dress for Less, Ulta Beauty, and Starbucks, among others. The project is further surrounded by schools within a half mile, including Arlington Heights Elementary, Johnnie L. Cochran Jr Middle School, St Paul’s School, City Language Immersion Charter School, and Los Angeles Technology Center.