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2620 ORCHARD AVE.
LOS ANGELES, CA 90007
PROPERTY Stats
96
UNITS
1924/2008
year built/reno
41,692
sf
PROPERTY OVERVIEW
Queen Apartments is a 96-unit scattered site housing community consisting of five buildings in Los Angeles, CA. Each building is conveniently located near area amenities that include shopping, dining, public schools, public transportation, and major transportation arteries. Los Angeles is home to several institutions of higher education, which are nearby, including the University of Southern California.
The property was built in 1924 and rehabbed and placed in service in 2008 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 50% and 60% of the Area Median Income (AMI) limits, which are provided by the California Tax Credit Allocation Committee
Additionally, the property is a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current contract has an effective beginning date of February 1, 2019 and provides assistance for all units. Within the contract, Section 2(b) states that the contract runs for an effective term of
20 years.
Current property ownership is willing to accommodate a timeline necessary for interested developers.
Queen Apartments offers studio and one bedroom apartment homes that feature energy efficient appliances, updated flooring, updated kitchen and bathroom cabinetry, and each building has solar panels on the roof providing common area power.
Multifamily LIHTC Property Offering Studio and One Bedroom Apartments with a HAP Contract in Place Covering All Units
Option 1b Mark-Up-to-Market LIHTC/HAP Property Eligible for Resyndication
Current Property Ownership Willing to Provide Necessary Time for Interested Developers to Seek Bond/Credit Financing
Los Angeles County has Experienced Excellent Growth in AMI (41.68%), as well as Studio and One Bedroom FMR (39.56%) Over the Last Five Years
The Property Consists of Five Buildings Conveniently Located Near Area Amenities Including Schools, Shopping, Dining, Public Transit, and Major Transportation Arteries
INVESTMENT HIGHLIGHTS
JOHNATHAN SMITH
Senior Director
Affordable Housing
206.856.1707
johnathan.smith@berkadia.com
RYLEY LEWIS
Senior Financial Analyst
Affordable Housing
206.512.5567
ryley.lewis@berkadia.com
BRUCE FURNISS
Managing Director
Multifamily Housing
714.384.3266
bruce.furniss@berkadia.com
BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
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Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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ADAM TOMBERG
Director
Affordable Housing 425.999.1152
adam.tomberg@berkadia.com