L.A. Housing Authority Buys DTLA Apartment Complex for $50M

One of the nation’s largest public housing authorities has grown even bigger, snagging an apartment complex in Downtown L.A. that it plans to re-designate as affordable housing. 

The Housing Authority of the City of Los Angeles (HACLA) spent about $49.7 million, or $322,665 per unit, on the 154-unit Emerald Apartments in L.A.’s South Park neighborhood. HACLA plans to restrict 24 percent of the units, at 215 West 14th Street, to households earning between 30 to 60 percent of the area median income. An additional six accessory dwelling units and 2,400 square feet of retail space are planned in addition to the existing complex “in the coming months,” per HACLA. The apartment complex was developed in 2023 by Jade Enterprises.

HACLA landed funding from City National Bank toward the acquisition, and aims to acquire yet more financing in 2026, though details about both deals were not available and a spokesperson for HACLA and for City National Bank did not immediately respond to a request for further information. 

“The Emerald acquisition is about protecting our neighborhoods and ensuring working-class Angelenos have access to safe, stable and affordable housing,” L.A. City Councilmember Ysabel Jurado said in a statement. “By preserving affordability in existing communities, we are keeping families together, preventing displacement, and building a Los Angeles where every family can thrive.”

JLL’s Blake Rogers represented Jade Enterprises in deal negotiations. It was not immediately clear who represented HACLA.

Founded in 1938, HACLA currently owns roughly 160 properties across L.A. that collectively house more than 212,000 people, including nearly 40 acquisitions over the past four years alone. That includes a 335-unit apartment complex in L.A.’s Woodland Hills neighborhood that HACLA purchased late last year for $141.9 million. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.