CSCDA Community Improvement Authority and BLVD Impact Housing Add Essential Housing Units in Glendale to Address Growing Middle-Income Housing Crisis

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Mar 24, 2022, 13:00 ET

GLENDALE, Calif., March 24, 2022 /PRNewswire/ -- CSCDA Community Improvement Authority ("CSCDA") and BLVD Impact Housing, an affiliate of The BLVD Group ("BLVD"), in a public-private partnership, have purchased the Towne at Glendale Apartments in Glendale, CA, the fourth largest city in LA County. The addition of 126 moderate income units in Glendale marks the second acquisition by CSCDA and BLVD and highlights their commitment to solving the growing needs of the "missing middle". The acquisition follows the pair's creation of 390 moderate income units through the acquisition of Waterford Place Apartments in Dublin, CA in August 2021.

Towne at Glendale Apartments - Glendale, CA

The property is in Glendale's desirable Verdugo Woodlands neighborhood and is adjacent to Verdugo Woodlands Elementary School. Its location and condo-sized units averaging 1,136 SF appeal to families looking for an alternative to renting in downtown Glendale. The property has undergone major renovations to provide condo-built specifications including luxury interior features and an outstanding amenity package. The property features a resort style pool and spa, fitness center, movie theater, yoga studio, basketball court and a wi-fi lounge with private conference rooms. North Glendale is one of Los Angeles' most supply-constrained submarkets, adding to the importance of converting properties and increasing the supply of income-restricted units.

Starting immediately, newly vacant apartment units at the property will be made available to households earning less than 80%, 100% or 120% of the area median income. The rental rates for the units will be affordable for each of the income categories, resulting in reduced rental rates of approximately 12% from current market rents, with a cap on future rental rate increases. In addition, no existing tenants will be displaced and those with qualifying income will receive the applicable rent reductions. The rental rate reductions will provide a significant benefit for middle-income residents of Glendale, including teachers, healthcare works and other essential workers.

BLVD's Managing Director, Jake Walker, states, "Creating quality essential housing for middle-income families is a key component of BLVD's overall commitment to affordability. We're excited to add this community to Glendale's essential housing supply and place another building block in the solution to a growing middle-income housing crisis." Over the last 8 years, BLVD and its affiliates have developed, preserved and own a portfolio of more than 6,000 total units. Walker continues, "Affordability is a complex problem that will require continued funding, innovation and the expansion of existing platforms like the essential housing program. BLVD will pursue all three in fulfilling our commitment to being an integral part of the solution."

Closing the transaction during an onslaught of short-term capital market headwinds required commitment and creativity from all parties to the transaction. "BLVD showed their commitment to the program by executing in an environment where capital markets were shifting on a daily basis," said Shane Shafer, Managing Director of Northmarq who brokered the transaction. "They were open and transparent throughout the process and proved to be a buyer that performs under tough conditions."

Project Team:

Owner/Purchaser: CSCDA Community Improvement Authority
Project Administrator: BLVD Impact Housing
Property Management Company: Greystar

BLVD Capital, BLVD Communities, and BLVD Impact Housing, are affiliates of The BLVD Group. BLVD is an owner, operator and developer of multifamily housing nationwide. BLVD aims to create, preserve and expand long-term housing affordability for households in all income categories. BLVD has a proven record of successfully owning, developing and operating housing, with a current portfolio of over 6,000 apartments units in 17 states.

SOURCE The BLVD Group