Acq/rehab of Multi-site Affordable Housing in L.A.
Joint venture partnership, family, senior low-income apartments
Jamboree partnered with Preservation Partners Development in the acquisition and extensive rehabilitation of this scattered multi-site affordable housing development in the University Park, Jefferson Park, Union-Pico neighborhoods of Los Angeles, CA. Preservation Partners Development and Jamboree have worked together since 2000. This joint venture has led to the development of five senior and 10 family communities with 1,500 apartments that provide long-term, secure housing and resident social services for very low-income families and seniors. Jamboree and Preservation Partners Development serve as co-general partners for these partnerships that own each community and Preservation Partners Development provides onsite management services at each property.
Residents of Two Worlds were temporarily relocated during the extensive renovation in 2009. Goals of the renovation included raising the quality of housing and ensuring long-term stability and affordability for residents. All sites are located in walkable areas with easy access to public transportation, shops and local schools and near the University of Southern California.