OZ Pitch Day - July 20, 2023
Grubb OZ REIT Adding 650 Multifamily Units In Los Angeles
Grubb’s Link Apartments Opportunity Zone REIT announced this month the addition of five multifamily developments in the Los Angeles area. In aggregate, the projects will add more than 650 units of housing to the area. The largest of the projects is a 246-unit development in the Koreatown neighborhood of LA. The smallest is a 70-unit development located in East Hollywood.
Other sites include a 77-unit in Koreatown, 128 units in NoHo, and 151 units on Vine Street in the heart of Hollywood. Los Angeles County is home to approximately 275 different Opportunity Zones.
All of the announced developments will be part of the Link Apartment brands, which targets residents earning between 60% and 140% of an area’s median income. Link apartments are typically located close to public transportation and major employers such as universities and medical centers. The typical renter is a young professional in the 21 to 35 age range.
“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.”