An ecosystem of partnerships, community power, and aligned parties made this groundbreaking non-profit acquisition possible
In partnership with Self-Help Ventures Fund, LA Más officially acquired two separate properties in Glassell Park with a total of 31 units, home to 77+ working-class residents — their largest community housing project to date and the first investment from the Nuestra NELA Community Housing Fund.
For their new neighbors, this means something increasingly rare in Los Angeles: the opportunity to keep calling Northeast LA home.
“If LA Más buys this property, can I live here the rest of my life?”
— Resident of Drew Street for Over 40 Years
Over $1M in capital improvements are scheduled to be performed on these buildings, in partnership with Bridgeline Construction & Erica Alexis.
The Drew Street properties will mark the very first preservation and non-LIHTC project loan provided by the Los Angeles County Affordable Housing Solutions Agency (LACAHSA), a new agency established to preserve existing affordable homes and develop innovative solutions to the region’s housing crisis.
“I’m immensely proud of the work that went into preserving these 31 units, and deeply grateful to LA Más, and every partner who invested their time and capital in this. Keeping these homes off the speculative market, at a fraction of the cost of building new, is exactly why we do this work: protecting the vibrancy of the communities that make LA, LA.”
— Tim J. Quinn, Sr. Project Manager, Self-Help Ventures Fund
Thanks to Rick Raymundo and Phil Rodgers with Marcus & Millichap for their stellar work on the listing side, and to seller Positive Investments, Inc. for their immense patience on a very long escrow. Sammy Lyon from Dow Capital represented the buyers.
“Community housing isn’t just about preserving buildings. It’s about making sure working-class families can continue building their lives, caring for their neighbors, and shaping the future of the communities they call home. Drew Street reminds us what’s possible when communities have the trust, relationships, and capital to lead.”
— Helen Leung, Executive Director, LA Más
LA Más is a community organization building collective power in Northeast Los Angeles to promote neighborhood stability and economic resilience for working class communities of color.
Congratulations to the amazing team at LA Más and Self-Help Ventures Fund working to keep their neighbors rooted in LA, the many partners and funders and supporters of this project, and most of all congrats to all the residents who can call Drew Street home for many years to come!