A court-appointed receiver has greenlit a deal, allowing the AIDS Healthcare Foundation to acquire six hotel and apartment buildings in Los Angeles’ Skid Row for $27 million, according to a report from the Los Angeles Times. The purchase, approved by a Los Angeles Superior Court document filed on Monday, signals a significant step in addressing homelessness in the city.
The Hollywood-based nonprofit finalized the acquisition of 415 units from the Skid Row Housing Trust. Among the buildings included in the deal are the Boyd, Hart and St. George single-room occupancy hotels, alongside the Lincoln, New Carver and Rainbow efficiency apartments. At a rate of $65,060 per room or unit, the purchase stands as a strategic move towards providing stable housing for vulnerable residents.
Under the terms of the agreement, the AIDS Healthcare Foundation pledges to maintain the buildings as permanent housing for formerly homeless individuals, further cementing its commitment to community welfare. This transaction arrives in the wake of the foundation’s previous bid of $53 million to acquire a dozen buildings from the financially troubled Skid Row Housing Trust, now under receivership.
Despite past challenges in managing low-income housing, documented by a Los Angeles Times investigation, the foundation remains steadfast in its mission. With an annual revenue exceeding $2 billion primarily from its pharmacies, the organization has invested nearly $200 million since 2017 in acquiring 16 properties with approximately 1,500 units in and around Skid Row. An additional $30 million has been allocated towards renovations and repairs, underscoring its long-term commitment to improving living conditions for vulnerable populations.
