Central City Apartments

Central City Apartments is a 63-unit multifamily affordable housing development located in the Central City neighborhood of South Central Los Angeles. The buildings are located in an Asian and Latino neighborhood with predominantly working households. The project rehabilitated and converted three existing buildings that contained 120 studio and one-bedroom units into larger size units. There is a severe shortage of affordable housing units with two or more bedrooms in these neighborhoods.

The three sites that comprise the project are all within a mile of each other, and are less than two miles west of downtown Los Angeles. They are located in the city's Pico/Union, Westlake and Cambria Heights neighborhoods, an area just north of the Santa Monica Freeway (I-10), west of the Pasadena Freeway (I-110), south of the Hollywood Freeway (I-101) and east of Hoover Avenue.

63,534 net rentable sq ft.

The project is located in South Central Los Angeles in an area targeted for redevelopment and neighborhood improvement by the City of Los Angeles. All of the apartments are set aside for families whose incomes are at or below 50% of the area median income.

Capital Vision Equities LLC is a full service real estate development and consulting group that specializes in the construction and rehabilitation of low-income and market-rate housing in greater Los Angeles.

$13,000,000

• Phoenix Realty Tax Credit Fund II, LP is managed by Phoenix Realty Group LLC, a national real estate investment firm providing capital and expertise to urban developers for the creation of middle-market for-sale housing, urban smart growth development, low-income tax credit housing, and community revitalization projects.
• Capital Vision Equities, LLC