Affordable Housing Portfolio Near NFL Stadium Site Trades for Nearly $25M
The portfolio garnered more than 10 offers and sold for more than $700k over asking. Colliers senior EVP Kitty Wallace says the buyer will be completing a tax credit rehab of the buildings using 4% bonds. Colliers declined to identify the buyer or the seller. Public records identify the buyer as LA-based InterCoastal Group and the seller as a private investor. Built in the early 1980s under the federal Housing and Urban Development Department’s HAP (Housing Assistance Payment) program for low-income residents, the three buildings total 151 units (all but one fall under the HAP guidelines) and are on or near that part of the 22-mile long stretch of Normandie Avenue that abuts Inglewood. Kitty teamed with senior associate Rob Shiels on the deal. The total sales price was $24.8M.
The buyer should see strong upside in the investment, which sits near some transformative developments, including the “City of Champions Revitalization Project” on the site of the former Hollywood Park Race Track in Inglewood. It calls for some 4M SF of commercial and residential space and the long-anticipated NFL stadium proposed by Stan Kroenke and Stockbride Capital. The three buildings are at 7850 S Normandie Ave (above), 1742 W 84th St and 1818 W 71st St.
