By Kathleen Sterling
We’ve heard many comments about the high-end apartment complexes springing up all over the west valley – where you can borrow a Tesla, have your dog walked or errands run.
There has also been a lot of noise about the hotel projects for the homeless that are being developed on Ventura Blvd.
But what about the ones in the middle? Our teachers, firemen, the workers that are the underpinning of Warner Center? Those that make a good middle-class living but are priced out of the market?
Alliant Strategic Housing broke ground this week on a project that is designed to address that market.
Alliant founder and CEO Eddie Loren told the group of community leaders, politicians and press assembled for the groundbreaking of Sync at 7019 Canoga Avenue that the community is designed for the “missing middle,” who are forced to rent older, more dilapidated homes in bad areas or fall into homelessness. Sync is one of four transit oriented multifamily housing communities that will add more than 700 attainable and affordable rental units to the valley. Besides Sync, Alliant is building Pendant at 7322 Topanga Canyon Boulevard, Vose in Van Nuys and Cadence at NoHo. Of the four projects 144 units will be rent restricted for those making 50% or less of the area median income.
Renters will now get to enjoy a dignified living space, with all the amenities available to other apartment dwellers, such as a rooftop pool, on-site fitness centers, rooftop decks, EV charging station, outdoor lounge area and dog park with washing station.
The interiors in each of the 727 units across the four-property portfolio will include energy efficient stainless steel kitchen appliances, in-unit washer/dryer, and stone countertops.
“The majority of new multifamily development in Los Angeles and the rest of the country are being built for renters at the high end of the economic spectrum, which represents only a small percentage of renters,” said Lorin at the groundbreaking ceremony. “By being creative, and using a variety of financing vehicles and incentives, it is possible to deliver brand new Class A product that doesn’t place a severe burden on the working class and these four projects are examples of our ability to do that.”
“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 among the many dignitaries at the groundbreaking event. “This is a great example of how the public and private sectors can work together to create a win-win for all. I am so pleased to celebrate the ASD team and applaud them for helping to make a dent in the housing problem here in California.”
The developments are being financed with bonds issued by the California Municipal Finance Authority and California Housing Finance Agency.