Capri Villa Apartments
3015-3027 West View St, Los Angeles, CA 90016
Capri Villas consists of a proposed 62 unit subsidized, for rent TOD project adjacent to the La Brea station along Phase I of the Expo light rail line. The project will provide 30 low to moderate-income housing units for senior citizens and an additional 32 units of moderate income housing units to returning Veterans.
The site was assembled in 2007 including the purchase of one parcel and an option for three adjacent parcels from two additional owners (.78 acres). Once the site was secured, it was contracted with a local Affordable Housing developer to complete entitlements and construction.
ASG REAL ESTATE ROLE
ASG Real Estate Inc ®acquired one site as principal and was the sponsor in syndicating the remaining sites. During the project life, The ASG Real Estate Team has also served as property manager, project manager and broker in securing a transaction with two affordable development partners.
Initially contracted for sale in 2007 with a well known affordable housing developer, they were unable to secure financing and entitlements due to a collapse in the housing market and community opposition to the proposed housing plan respectively.
Despite these setbacks, the syndicated ownership successfully re-entered escrow with a new development partner in 2011. Working in conjunction with with that developer, the new plan has secured community and council support from Herb Wesson. The developer plans to start construction in 2018.
The sale of the ASG acquired site yielded a 100% return on investment to our equity partners and returned a value 1.5 times the market value of the individual sites for adjacent property owners.