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2/09/23
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Alliant Strategic Development (ASD) has broken ground on four transit-oriented multifamily housing communities that will add more than 700 attainable and affordable rental units to Los Angeles’ San Fernando Valley.
The four projects include: Sync on Canoga consisting of 220 one-bedroom apartment homes at 7019 Canoga Ave, Canoga Park; Pendant on Topanga consisting of 149 studio, one- and two-bedroom apartment homes at 7322 Topanga Canyon Blvd, Canoga Park; Vose, consisting of 332 studio, one- and two-bedroom apartment homes at 7050 Van Nuys Blvd, Van Nuys; and Cadence at Noho, consisting of 26 one- and two-bedroom apartment homes at 5633 Farmdale Ave in North Hollywood.
“The majority of new multifamily developments in Los Angeles and the rest of the country are being built for renters at the high end of the economic spectrum, which represents only a small percentage of renters,” said ASD Founder and CEO Eddie Lorin at today’s groundbreaking ceremony. “By being creative, and using a variety of financing vehicles and incentives, it is possible to deliver brand new Class A product that doesn’t place a severe burden on the working class and these four projects are examples of our ability to do that.”
The developments are being financed with bonds issued by the California Municipal Finance Authority (CMFA) and California Housing Finance Agency (Cal HFA). When completed in the fourth quarter of 2024 and first quarter of 2025, ASD will deliver a portfolio of properties geared to households throughout the affordable spectrum, on average at 90% of the Area’s Median Income (AMI). 144 of the units will be rent restricted for those making 50% or less of the AMI,
Los Angeles is one of the most rent burdened cities in the United States. According to a study by USC’s Sol Price Center for Social Innovation, 73% of all Los Angeles households are rent burdened, spending more than 30% of household income on rent and utilities. 48% were severely rent-burdened, spending more than 50% of household income on rent and utilities.
“These four new developments demonstrate that with a little creativity we can build high-quality housing that doesn’t price out the majority of California renters,” said California State Treasurer Fiona Ma, who was among the many dignitaries at the groundbreaking event. “This is a great example of how the public and private sectors can work together to create a win-win for all. I am so pleased to celebrate with Eddie, Shawn and the ASD team and applaud them for helping to make a dent in the housing problem here in California.”
The interiors in each of the 727 units across the four-property portfolio will include energy efficient stainless steel kitchen appliances, in-unit washer/dryer, and stone countertops. Examples of community amenities include on-site fitness centers, rooftop decks, EV charging stations, pool/spa, and outdoor lounge areas, and dog park with washing stations.
All four projects are being built in opportunity zones within walking distance to mass transit including the Metrolink Sherman Way Orange Bus Line station and multiple stops along the future Metrolink East San Fernando Valley Light Rail line.
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