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Firm will add 672 new essential housing units to address mid-market housing shortage
CHARLOTTE, NC (October 12, 2022) – Grubb Properties, a leading vertically integrated commercial real estate firm, today announced five new Link Apartments℠ communities in Los Angeles, CA. Together, the five locations will provide more than 650 units of essential housing to Los Angeles, directly addressing the region’s lack of middle-market housing.
“Los Angeles is one of the most housing-strapped metropolitan areas in the country,” said Frank Tetel, Managing Director, Acquisitions at Grubb Properties. “Essential housing, as implemented in our Link Apartments℠ brand, is specifically designed to address this shortfall, bringing accessible rental housing to some of the most vibrant neighborhoods in the city. We’re looking forward to bringing these projects to life, and to creating future opportunities in Los Angeles.”
Grubb Properties’ Link Apartments℠ brand is designed to provide essential housing across the United States. Essential housing and Link Apartments℠ fill the gap between subsidized and luxury apartments. There are currently 19 Link Apartments℠ communities stabilized or under construction across the country, totaling 4,935 multifamily units, with 16 additional communities in the pipeline. The communities offer an amenity-rich living experience to residents who want to live near transit, employment, and entertainment venues.
The properties are:
- Link Apartments℠ Kora, 1000 S Vermont Avenue: Located on a rare full-block assemblage in Koreatown, Link Apartments℠ Kora will include 228 units. Target has signed a lease for the approximately 50,000 square foot retail space at the southeast corner of W Olympic Blvd and S Vermont Ave.
- Link Apartments℠ Korella, 950 S Berendo Street: Also located in Koreatown, Link Apartments℠ Korella will include 77 units.
- Link Apartments℠ Solana, 1353 Western Avenue: Located in East Hollywood in close proximity to Target, Starbucks, and numerous co-working locations, Link Apartments℠ Solana will contain 70 units of essential housing.
- Link Apartments℠ NoHo, 5240 Lankershim Boulevard: Link Apartments℠ NoHo comprises 128 units and 5,000 sf retail. The prime North Hollywood location is walkable to the “NoHo District” redevelopment at the North Hollywood Red Line Metro Station and adjacent to Kaiser Permanente.
- Link Apartments℠ Vine, 1200 Vine Street: Just two blocks from Santa Monica Boulevard in the heart of Hollywood, Link Apartments℠ Vine will include 151 units of essential housing.
The five communities are located in Opportunity Zones and are owned by Grubb’s Link Apartments Opportunity Zone REIT. Fred Shaffer of Saiko Investment, Matthew Stroyman of Blackridge Ventures, and Randall Reel of Allied Urban serve as local development partners.
About Grubb Properties
Grubb Properties, founded in 1963, is a vertically integrated real estate fund manager focused on the Essential Housing space through its Link Apartments℠ brand. The company targets residents earning between 60% and 140% of area median income (AMI), directly addressing a growing crisis for essential housing, while providing residents with exceptional living spaces. Grubb Properties maintains a long-term perspective and its careful and measured approach to real estate investment has delivered resilient and impressive returns. Grubb Properties has received numerous sustainability designations and recognitions, and undergoes annual ESG assessments through GRESB. For more information, visit www.grubbproperties.com.
Grubb Properties’ CEO Clay Grubb is the author of the book “Creating the Urban Dream: Tackling the Affordable Housing Crisis with Compassion.”
Media Contact: Emily Ethridge, Corporate Communications Director, eethridge@grubbproperties.com, (704) 405-5148
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