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Thursday, Nov 30, 2023

City’s Project Homekey to Buy Panorama City Apartment Complex

The city of Los Angeles intends to acquire an apartment building in Panorama City as part of its Project Homekey initiative to provide housing for the homeless.

According to an Urbanize.LA report, the city’s Housing Authority intends to purchase the two-story multifamily complex with 31 units at 14949 Roscoe Blvd. It will use funds allocated for public housing at a price of $10 million, or roughly $345,000 per unit.

The sale will close by late January with an optional extension through May.

The city of Los Angeles has already purchased three hotels in the San Fernando Valley. They include Super 8 Canoga Park, a two-story motel located at 7631 Topanga Canyon Blvd., which totaled 52 rooms and was acquired for $14.3 million; and Panorama Motel, a two-story location at 8209 Sepulveda Blvd. in Van Nuys that totaled 51 rooms, which was acquired for $7.7 million.

The acquisitions are part of the $2.75 billion phase two of Project Homekey, a state of California program which allocates just over $358 million to jurisdictions in Los Angeles County to acquire new or under construction buildings to convert into interim or permanent supportive housing.

Overall, the city of Los Angeles has used funds of Project Homekey to purchase 15 properties totaling 744 units of permanent supportive housing. The program’s second phase will generate between 500 and 1,000 new supportive housing units.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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