Cypress Equity Investments, LWK Partners and Sabal Investment Holdings have made their first purchase under a new joint venture. The firms bought a 75-unit workforce housing portfolio in Los Angeles for $30 million, Commercial Observer reported. The JV plans to develop 52 additional units at the unnamed properties utilizing a line of credit provided by lender Ascent Developer Solutions. The partnership between the companies is looking to take advantage of recent California legislation to add workforce housing throughout the Los Angeles region. Senate Bill 1211 increased the number of accessory dwelling units allowed on a property to eight from two, […]
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