820 S Lake St, Los Angeles, CA 90057

The property at 820-822 S. Lake Street presents an opportunity to acquire a 32-unit, 100% affordable multifamily development site. The planned development consists of a 6-story building, with a construction type of 5-story type IIIA over 1-story type 1A. The property is situated near the intersection of Lake and 8th Streets, southwest of MacArthur Park and within walking distance to Metro A-E lines. The location has a Walk Score of 94, with transit options, bikeability, and proximity to schools, employment centers, and transit facilities. Westlake bridges the gap between Downtown and Koreatown, with leisure and entertainment options, including MacArthur Park, Echo Park, Dodger Stadium, and the Broad Museum. The property offers the opportunity to purchase the site with permits ready-to-issue and the ability to mobilize construction, complete the apartment units, and begin leasing the property within an estimated 14 to 18 months. The development plans entail 32 affordable apartment units with features and amenities, including a dishwasher in each unit, 35 bike stalls, a laundry room area, and a roof deck with 2,000 square feet of seating area, tables, plants and greenery. A covenant for Schedule 1 and Schedule 6 rents has been recorded, utilizing 30% of 80% AMI and 30% of 110% net AMI, respectively. The property presents the flexibility to accommodate tenants with Section 8 vouchers. The property is positioned for full occupancy by the end of the 4th quarter in 2025.