Weingart Center Acquires Assisted Living Asset on L.A.’s Westside
By Nick Trombola May 10, 2024 1:54 pm
reprints
Weingart Center, a Los Angeles-based housing nonprofit, has purchased a 76-unit assisted living facility in Cheviot Hills near Century City, Calif., with the aim of redeveloping it into a shelter, according to The Real Deal.
Weingart paid $27.3 million for Terraza of Cheviot Hills, at 3340 Shelby Drive, from Sacramento-based Palms Affordable Housing. That seller had purchased the property in December from Bridge Investment Group for an undisclosed price, per TRD.
To help finance its redevelopment plans at the property, including unit renovations and new amenities, Weingart reportedly requested about $19.6 million in capital funding from the L.A. Housing Department. The department later recommended $20.5 million in match funding for potential cost swells, per TRD.
Headquartered at L.A.’s Skid Row neighborhood, which is known for accommodating one of the largest populations of unhoused people in the country, Weingart is led by former state Sen. Kevin Murray.
Representatives for Weingart did not immediately respond to a request for comment.
The nonprofit is also redeveloping another site in East L.A. under the umbrella of the state’s Project Homekey initiative, which facilitates more affordable housing developments for unhoused or low-income people. Weingart paid $21.4 million in April for that property, a 108-room hotel known as Grand Park Inn, at 13921 Francisquito Avenue in Baldwin Park. The nonprofit plans to transform the property into a 107-unit residential community.
The housing crisis in Southern California is top of mind for many developers in the region. The Housing Authority of the City of Los Angeles paid $43.4 million for a 120-unit apartment in South L.A. last month with the goal of reserving 90 of those units for families earning at or below 80 percent of the area’s median income.
Meanwhile, in early March, the Housing Diversity Corporation secured a $34.9 million loan from United Way of Greater L.A., along with a $13.6 million equity investment from Arctaris Impact Investors, to help finance its 227-unit Liv DTLA development in South Park. Once completed, that project will feature market-rate and affordable studio apartments, a chunk of which is set aside for extremely low-income households via L.A.’s Transit-Oriented Communities program.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
