{"id":49402,"date":"2023-02-14T23:56:20","date_gmt":"2023-02-15T04:56:20","guid":{"rendered":"https:\/\/alliantstrategicdev.com\/?p=49402"},"modified":"2024-09-20T15:51:26","modified_gmt":"2024-09-20T15:51:26","slug":"breaking-ground-alliant-communities-works-on-four-sfv-apartments","status":"publish","type":"post","link":"https:\/\/starkeclients.com\/alliant\/breaking-ground-alliant-communities-works-on-four-sfv-apartments\/","title":{"rendered":"Breaking Ground: Alliant Communities Works on Four SFV Apartments"},"content":{"rendered":"<p><!-- divi:paragraph --><\/p>\n<h2 class=\"article-subtitle\">Alliant Communities is poised to break ground on four multifamily projects in the San Fernando Valley.<\/h2>\n<p><iframe title=\"Groundbreaking of SYNC on Canoga\" src=\"https:\/\/www.youtube.com\/embed\/b7C1-thRT7o\" width=\"1069\" height=\"601\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><br \/>\nAs seen on<a title=\"San Fernando Valley Business Journal\" href=\"https:\/\/www.sfvbj.com\/real-estate\/breaking-ground-alliant-strategic-development-works-on-four-sfv-apartments\/\"> San Fernando Valley Business Journal<\/a>.<\/p>\n<p><!-- \/divi:paragraph --><!-- divi:media-text {\"mediaPosition\":\"right\",\"mediaId\":48855,\"mediaType\":\"image\",\"mediaWidth\":25,\"mediaSizeSlug\":\"full\",\"imageFill\":false,\"focalPoint\":{\"x\":\"0.05\",\"y\":\"0.95\"}} --><!-- divi:paragraph --><!-- \/divi:paragraph --><!-- divi:paragraph --><\/p>\n<p>The Calabasas-based firm specializes in creating attainable housing, also known as workforce housing, targeting people making 80% of the average median income of the area, which with a $61,000 average median income comes out to $48,800. The company will be holding a groundbreaking ceremony on Feb. 8 at 7019 Canoga Ave. in Canoga Park \u2014 the site of one of the four projects. State Treasurer Fiona Ma, City Councilmember Bob Blumenfield and a field deputy for Los Angeles Mayor Karen Bass are among the officials scheduled to attend.<\/p>\n<p>The five-story building at 7019 Canoga Ave. will have 220 units. Rents will range in the low $2,000s for a studio and $2,100 for a one bedroom apartment.<\/p>\n<p>\u201cThat\u2019s very affordable for brand new product,\u201d Alliant Communities co-founder Eddie Lorin said. \u201cAnd this is across the street from the bus depot on the Orange line.<\/p>\n<p>Additionally, Alliant is starting construction on a five-story, 149-unit apartment complex dubbed Topanga, located at 7322 Topanga Canyon Blvd. in Canoga Park; the six-story, 332-unit Van Nuys Vose at 7050 Van Nuys Blvd. in Van Nuys; and a five-story, 26-unit North Hollywood building at 5633 Farmdale Ave.<\/p>\n<p>All four projects have an estimated completion date of late next year or 2025. Alliant plans to be a long-term holder of the assets.<\/p>\n<p>Exciting projects ahead<\/p>\n<p>\u201cWe\u2019re excited about all the new stuff going on with (Stan) Kroenke\u2019s investment,\u201d Lorin said, alluding to last year\u2019s $650 million in acquisitions by the Los Angeles Rams owner of contiguous Woodland Hills commercial properties not far from Canoga Park.<\/p>\n<p>Lorin is equally excited about his company\u2019s Van Nuys Vose investment.<\/p>\n<p>\u201cWe bought (an) old crappy industrial and retail (property) and knocked it down,\u201d Lorin said. \u201cThere\u2019s going to be a trolley going all the way up Van Nuys Boulevard by the time the Olympics show up (in 2028) so that\u2019s really cool.\u201d<\/p>\n<p>Transit oriented development, he said, is important to the company in its pursuit of creating attainable housing.<\/p>\n<p>\u201cWe like to get (a) bonus density,\u201d Lorin said. \u201cWe like to get height exceptions. Parking is very expensive to go underground so we try to not go underground. We try to do less parking, smaller units but make it affordable to more people with all of the same amenities as A-class apartments.\u201d<\/p>\n<p>New firm<\/p>\n<p>All of this development comes from a firm that is only three years old.<\/p>\n<p>\u201cWe\u2019re an offshoot of Alliant Capital, which was sold to Walker &amp; Dunlop,\u201d Lorin said. \u201c(Alliant founder and Chief Executive Officer) Shawn Horwitz and I developed the partnership to develop attainable and affordable housing. We\u2019re trying to use all of our expertise to make smart, pointed projects that will alleviate some of the crisis of the housing that we\u2019re experiencing today.\u201d<\/p>\n<p>The Alliant projects join a crowded field of apartment buildings under construction, especially at Warner Center (Woodland Hills and Canoga Park) where the Warner Center 2035 Specific Plan has encouraged scores of developments including California Home Builders\u2019 five Q buildings, which total a collective 1,438 units; Kaplan Cos.\u2019 852 apartments and 204-key hotel at the former Fry\u2019s Electronics site on 6100 N. Canoga Ave.; and AMCAL Multi Housing Co.\u2019s Clarendon Woodland Hills, a 335-unit apartment complex replacing a former post office site.<\/p>\n<p>Van Nuys has also seen its share of building including 160 units at 6500 N. Sepulveda Blvd. built by IMT Capital; Ketter Construction\u2019s 174-unit Van Nuys Plaza; and dozens more.<\/p>\n<p>Lorin came to Alliant with a lot of experience \u2014 having developed 40,000 value-add units nationwide at various companies over the past 20 years. At Alliant, the goal is to generate affordable housing.<\/p>\n<p>\u201cWe\u2019ve got a total of 727 units (for the four projects) with 20% of those being affordable,\u201d Lorin said. \u201cThat\u2019s 140-150 units. Most (Low Income Housing Tax Credit) projects are only 50-60 units. So we\u2019re supplying as much as deep affordability as three (Low Income Housing Tax Credit) deals and we\u2019re providing the remainder of almost 600 attainable units. All in one swoop. So it\u2019s pretty exciting.\u201d<\/p>\n<p>Right properties<\/p>\n<p>Juan Aguilar serves as the chief investment officer at Alliant Communities.<\/p>\n<p>\u201cMy specific role is to scour the capital markets on finding ways to creatively structure and finance these assets,\u201d Aguilar said.<\/p>\n<p>Aguilar explained how the financing works.<\/p>\n<p>\u201cWe got to do a tax-exempt bond financing for these four properties,\u201d Aguilar said. \u201cWe as a company will contribute roughly 20% worth of equity. The rest will be financed with these tax-exempt bond financing proceeds.\u201d<\/p>\n<p>Acquiring the four properties where construction will begin next month took some work.<\/p>\n<p>\u201cWe had to procure the acquisitions from four separate owners, some of whom have had various challenges, whether it\u2019s an environmental challenge or entitlement challenge,\u201d Aguilar said. \u201cThese projects have taken about a year and a half collectively to perfect the entitlements that would allow the groundbreaking to happen.\u201d<\/p>\n<p>The locations of the properties also created some challenges for Alliant.<\/p>\n<p>\u201cThe four properties spanned three different City Council districts,\u201d Aguilar said, \u201cso we had to work overtime in getting all of council district offices on board with our vision of the properties.\u201d<\/p>\n<p>Alliant also had to ensure that it was delivering to each district office what they needed.<\/p>\n<p>\u201cSince we were delivering about 20% affordable components, everybody was in concert that this was right for the district and we were providing the public benefit each required,\u201d Aguilar said.<\/p>\n<p>Ultimately, according to Aguilar, the projects will be a win-win for their respective districts. \u201cAbout two-thirds of our business will be affordable and attainable housing and about a third of our business will be (low-income tax-credit housing, which is more involved,\u201d Aguilar said. \u201cWe try to span the spectrum and find solutions along the way that will allow us to deliver to Los Angeles and California the most affordable housing that we can deliver and that (entails) turning over every stone and looking through every program that\u2019s available in order to maximize that effort.\u201d<\/p>\n<p>According to Lorin, these four projects will be just the beginning for Alliant.<\/p>\n<p>\u201cOur plan is to build between 5,000 and 10,000 units in the next five years because it\u2019s the right thing and it\u2019s the right time,\u201d Lorin said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alliant Communities is poised to break ground on four multifamily projects in the San Fernando Valley. As seen on San Fernando Valley Business Journal. The Calabasas-based firm specializes in creating attainable housing, also known as workforce housing, targeting people making 80% of the average median income of the area, which with a $61,000 average median [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":50197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-49402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/posts\/49402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/comments?post=49402"}],"version-history":[{"count":1,"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/posts\/49402\/revisions"}],"predecessor-version":[{"id":49962,"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/posts\/49402\/revisions\/49962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/media\/50197"}],"wp:attachment":[{"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/media?parent=49402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/categories?post=49402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starkeclients.com\/alliant\/wp-json\/wp\/v2\/tags?post=49402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}