Construction of a 31-unit apartment project located in Van Nuys Central Business District in Los Angeles, CA, US has begun. The project, located in an Opportunity Zone in Los Angeles, is funded utilizing Arixa Capital’s Qualified Opportunity Fund. The construction loan for this project, was provided by Bank of the Sierra and includes a permanent loan conversion feature upon completion and stabilization.
The Gilmore project
Located in Gilmore Avenue, the project will feature smart technology, wireless interface, green sustainable LEED-accredited landscaping and spacious 2-bedroom/2-bathroom units. This is Topanga’s seventh multifamily ground-up project in the Van Nuys and Lake Balboa area in the San Fernando Valley.
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According to Steve Friedmann from Topanga Partner, this project provides a positive community impact where job creation and modern housing meets affordable rents for our tenants. “We believe our Gilmore building exemplifies the future of Opportunity Zone projects where investors can channel their capital gains into Opportunity Zone buildings for attractive returns. We will continue to source these projects in Southern California, and partner with fund managers like Arixa who share our goals and values,” he added.
Arixa Capital Chief Investment Officer, Jan Brzeski said that the area served will develop substantially in the years to come, with light rail approved nearby on Van Nuys Boulevard. He futher added that focusing new development near mass transit is part of the solution to global warming, since it offers an alternative to long commutes from the suburbs.
The project is designed by Dan Safai Architects of Los Angeles and provides much needed workforce housing to Los Angeles area residents and families.
