Congrats to my buyers for closing on this 5 unit property in Cypress Park!
This was a very cool project because it was a collaboration among so many community minded folks to preserve what LA Más calls “naturally occurring affordable housing.”
The property was owned by one family for a long time, but when they passed away the trustees had to sell. When it went on the market the long term tenants, including one of the descendants of the original owners, organized and resisted cash for keys.
They were not going to move.
With rent below market due to longtime occupancy by the residents, most investors who were interested in the property wanted to pay them to leave in order to renovate and charge market rents. Otherwise the numbers didn’t make any sense.
Through a collaboration with the residents, @mas4la and @selfhelpcreditunion, a deal was reached with the owners that the nonprofits would purchase the property and pledge to keep rents affordable for the current residents.
To offset some of the costs, they plan to build an ADU in the back and charge market rent with a Section 8 voucher.
(LA Más is one of the originators of the Backyard Homes Project, an affordable ADU project.)
The owners received the appraised value in exchange for working with the longer timelines needed for all the moving pieces and fundraising during escrow.
Grants from @la4laorg and @lisc_losangeles also helped close the funding gap to purchase the property and build an ADU.
I am so honored to be the buyer’s representative on this transaction, and help guide the process.
Ultimately it was an incredibly collaborative transaction among all parties in which I acted as facilitator.
A portion of the commission is committed back to the project through the LA Más annual fundraiser which takes place this Thursday, October 17. You can find tickets in their bio.
Congrats to the residents, the community, the abuelos, and the beautiful land that will continue to be stewarded with care.
Arvia is officially OFF THE MARKET!
Sammy Lyon
Associate Broker
Dow Capital
DRE #02113227
Office Lic. #01081741
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