LA Más just closed escrow on their second property—a five-unit building in Lincoln Heights!
This is a partnership between LA Más and Self-Help Ventures Fund. Together, they are identifying rent-controlled multifamily properties in Northeast LA that they can purchase, rehab, and keep tenants in place.
This closing comes only six months after their first acquisition, bringing the total to 10 units of community housing with a new ADU breaking ground soon.
There are two vacant units at this property that they plan to rent at below market value to community members.
Here’s what this means for Northeast LA:
–Â Five more units off the speculative market
–Â Eleven longtime residents staying in their homes
–Â Two new families moving in this summer
Their work was featured in the LA Times, which has helped galvanize funding and visibility as well as inspiring tenants and property owners to reach out directly.
I am so honored to be a part of these win-win real estate transactions that support community housing and keep residents in their homes.
Tim Quinn from Self-Help Ventures Fund shares, “What motivates me so much about this work is that we are able to preserve and rehab affordable units at close to $240,000 per unit, about 1/3 to 1/4 of what it costs to bring new construction affordable units online today in LA.”
This $1.2 million project came together with the help of partners deeply committed to housing justice:
– LA Más holds 25% ownership and serves as managing partner.
– Self-Help Ventures Fund is co-owner alongside LA Más, providing $910,400 of equity.
– WHH FOUNDATION with a $200,000 Program Related Investment—their first-ever PRI!
– LISC LA with a $40,000 grant
– Seller credit toward renovations of $45,600
A portion of the commission is committed back to the project through the LA Más annual fundraiser which takes place on Thursday, June 26. You can find tickets here
https://secure.givelively.org/event/la-mas-inc/rooted-2025
***If you know any property owners in Northeast LA who would be interested in selling to a non-profit, or tenants who are organizing and want to purchase directly from the owner, have them reach out to me!***
Congrats to the residents, the community and the beautiful land that will continue to be stewarded with care. Thank you to fearless leader Helen Leung for trusting me to be part of this journey with them!
Hancock is officially OFF THE MARKET!
Sammy Lyon
Associate Broker
Dow Capital
DRE #02113227
Office Lic. #01081741
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