Affordable housing developers pay $63M for San Pedro complex

The 213-unit building is among the few affordable developments in the community

TRD LOS ANGELES /
Apr.April 09, 2019 12:00 PM
The San Pedro complex

Two affordable housing developers have teamed up to buy a 213-unit multifamily complex in San Pedro, a community that has been lagging in lower-cost housing.

SDG Housing Partners and Affordable Housing Access paid nearly $63 million for the building at 1301 West Park Western Drive, records show.

The seller was a trustee of William Pavone, a Newport Beach resident, according to the deed.

The 50-year-old complex is spread across low-rise buildings on seven acres in the Northwest San Pedro neighborhood. It’s a couple of miles from Ratkovich Company and Jerico Development are planning the sprawling San Pedro Public Market project.

An affiliate of Colorado-based Bear Creek Securities, acting behind an LLC, provided a $53 million acquisition loan.

Neither of the buyers responded to immediate requests for comment. Pavone, whose family has owned the site for at least five years, could not be reached.

The lack of affordable housing continues to plague Los Angeles and while finding affordable housing is a statewide problem, it’s been especially hard to come by in the South Bay. A recent report from public policy group Next 10 revealed some communities in the South Bay are a very long way from reaching their affordable housing goals.


Related Articles

arrow_forward_ios
Mitch O’Farrell wants this hospital to become housing (Credit: Google Maps and Getty Images)

Gurney housing journey: St. Vincent Medical Center could transform into supportive housing

Welton Jordan of EAH Housing, and the block in South Park where the nonprofit development organization wants to build a 64-unit complex (Credit: Google Maps)

Two affordable housing projects will add 120 units to transformed South Park

14518-14526 Erwin Street (Credit: Google Maps)

Developer wants 71-unit complex to rise in Van Nuys Opportunity Zone

Tenancy in common arrangementsare growing in gentrifying Eastside neighborhoods like Silver Lake, Echo Park and Glassell Park (Credit: iStock)

LA landlords pitch controversial ownership arrangement as rent law kicks in

From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

Relevant Group’s Richard Heyman and the project site (Credit: Google Maps)

Relevant Group plans 87-unit apartment complex in South LA

A rendering of the project

Developer files plans to build 87-unit apartment complex in Pico Union

arrow_forward_ios
Loading...