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JANUARY 2019

Bisnow Los Angeles LA Deal Sheet

Ground broken for $32M mixed-use permanent supportive housing community

by Joseph Pimentel

Los Angeles city officials, along with community leaders and real estate developers, gathered to break ground on a $32M mixed-use permanent supportive housing community for homeless veterans and homeless individuals in South Los Angeles.

Highridge Development Co. and SRO Housing Corp. are developing the 57-unit Rise Apartments at 4050 South Figueroa St. on behalf of owner Rise Housing L.P. Alpha Construction Co. is the general contractor. Egan Simon Architecture designed the building.

"Everyone in our city deserves safe housing — and we're going to keep accelerating our drive to get people off the streets and under a roof," Los Angeles Mayor Eric Garcetti said during the groundbreaking ceremony last month, according to a news release. "We are starting a new chapter in Expo Park, and I'm proud that our community is coming together to provide homes, dignity, and a new start to Angelenos in desperate need."

The Rise Apartments will be available to homeless veterans and other homeless individuals earning 30% to 50% of the area median income, who are transitioning into a supportive housing community.

The five-story building will feature subterranean parking and 56 studio units and a one- bedroom manager's unit. Each unit will be fully furnished. The community will also have 3,400 SF of commercial office space to house a nonprofit that serves low-income clients and provides job and financial training.

download the-la-deal-sheet.pdf