The Aids Healthcare Foundation is adding to its goal of providing affordable housing to Los Angeles residents with its most recent acquisition of a 189-unit residential building for $30 million, or about $158,730 per unit, according to Mark Dyer, senior director of asset management and real estate for the nonprofit organization.
The apartment complex, also referred to as The Sinclair, is located at 2200 W. 8th Street, and was sold at the end of April to AHF by William Penn Ventures, Dyer said. According to public documents, the building was purchased by William Penn Ventures in 2016 for approximately $17.83 million.
The building totals 77,558 square feet and sits on 18,751 square feet of land, according to public records. Formerly a luxury apartment complex, the building also offers newly renovated rooms, kitchens or kitchenettes, on-site laundry facilities and a security guard. Rental rates at the property have yet to be announced.
The Sinclair is located in Los Angeles’ Westlake neighborhood. It is several blocks from Macarthur Park and within walking distance to many restaurant and retail properties.
The acquisition of The Sinclair is part of AHF’s Healthy Housing Foundation, which has the goal of bringing more affordable housing options to Los Angeles renters. As well as The Sinclair, the Healthy Housing Foundation owns and operates 10 buildings with more than 1,000 affordable housing units in Los Angeles. Los Angeles properties include The Madison at 423 E. 7th Street, Sunrise on Sunset at 6516 W. Sunset Boulevard, the Baltimore Hotel at 501 S. Los Angeles Street, The King Edward at 121 E. 5th Street and more.
The nonprofit also is in the process of developing affordable housing on 15 acres of land in Florida, and is working on expanding to other properties across the U.S. Additionally, HHF affiliate organizations – including AID Atlanta, the AIDS Outreach Center, Southside Health Center4 and more – are responsible for providing housing resources and placements to more than 500 families across the U.S. per year.
According to the AHF, providing affordable housing to renters in the U.S. is more important than ever, citing a 27 percent increase in the number of poor households since 2007. Additionally, the nonprofit reported 11.25 million families are paying 50 percent or more of their total income on housing.
Residential properties at affordable rates in Los Angeles also have become increasingly difficult to come by, according to a recent report from Kidder Mathews. The report showed that in the first quarter of 2021, vacancy rates in Los Angeles rose 19.1 percent in the past year as residents left the city to find more affordable housing. At the same time, rental rates averaged $1,425 for a studio to $2,586 for a three bedroom apartment.
