Los Angeles Housing Authority Buys Downtown Apartments

The City of Los Angeles’ public housing authority added another property to its portfolio with plans to offer affordable housing.

The Housing Authority of the City of Los Angeles bought the 154-unit Emerald Apartments near the Fashion District for $49.7 million, Commercial Observer reported. The deal for the property at 215 West 14th Street works out to $322,665 per unit.

Jade Enterprises developed the complex in 2023 and sold it to HACLA with the representation of JLL’s Blake Rogers. The housing authority acquired the property with funding from City National Bank and hopes to secure even more financing next year.

HACLA plans to restrict 24 percent of the units in the building to households earning between 30 and 60 percent of the area median income. In Los Angeles County, for one person, that would be an annual income of between $31,800 and $63,600, or between $45,450 and $90,900 for a household of four.

The Emerald Apartments will undergo a revamp under HACLA’s supervision. The agency, one of the country’s oldest public housing authorities, plans to add six accessory dwelling units and 2,400 square feet of retail space to the property in the coming months.

The complex includes a mix of studio, one-, two- and three-bedroom units and amenities including a pool, gym, community room and structured parking deck. The affordable housing restrictions will go into effect as units turn over, thereby preventing tenants from being displaced.

“The Emerald acquisition is about protecting our neighborhoods and ensuring working-class Angelenos have access to safe, stable and affordable housing,” L.A. City Councilmember Ysabel Jurado said in a statement. “By preserving affordability in existing communities, we are keeping families together, preventing displacement and building a Los Angeles where every family can thrive.”

HACLA owns about 160 properties across Los Angeles providing housing to more than 212,000 people. In the past four years alone, the body has acquired nearly 40 properties, including a 335-unit apartment complex in Woodland Hills purchased last year for $141.9 million.

— Chris Malone Méndez