US-based multifamily developer Topanga Partners and Arixa Capital have broken ground on a new apartment development in Van Nuys Central Business District, California, US.
Located in an Opportunity Zone in Los Angeles, the 31-unit project was funded using Arixa Capital’s Qualified Opportunity Fund.
The project has secured construction loan from Bank of the Sierra including a permanent loan conversion feature upon completion and stabilisation of the project that will be located on Gilmore Avenue.
Designed by Dan Safai Architects of Los Angeles, the new development will feature smart technology, wireless interface, green sustainable LEED-accredited landscaping and two-bedroom/two-bathroom units.
The new project is marked as Topanga’s seventh multifamily ground-up project in the Van Nuys and Lake Balboa area in the San Fernando Valley.
The company is also developing a 48-unit project in an Opportunity Zone in the Downtown Long Beach Business District.
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The new apartment project is represented as one of the first opportunity zone projects in the San Fernando Valley that is to be funded through the 2017 opportunity zone programme.
Topanga partner Steve Friedmann said: “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.
“This project provides a positive community impact where job creation and modern housing meets affordable rents for our tenants.
“We will continue to source these projects in Southern California, and partner with fund managers like Arixa who share our goals and values.”
14541 Gilmore Avenue, Los Angeles California. (Credit: Arixa Capital Advisors, LLC/PR Newswire Association LLC.)