Alliant Strategic Investments in Woodland Hills has acquired the Farmdale Apartments, a North Hollywood property located in a state-designated opportunity zone.
The Farmdale Apartments is the first investment by Alliant, which specializes in affordable multifamily properties, from its Alliant Strategic Opportunity Zone Fund I, formed to invest in real estate within qualified opportunity zones.
Opportunity zones were created by the federal Tax Cuts and Jobs Acts of 2017 to increase redevelopment in economically distressed areas.
The 26-unit Farmdale property will become workforce and affordable housing, with four of the units set aside for extremely low-income residents.
Russell Ginise, Alliant president, said that now more than ever housing matters.
These uncertain times have intensified the critical need for housing amidst widespread economic hardship, Ginise said in a statement. Particularly for these residents of California, where COVID-19 has resulted in a massive loss of jobs, access to affordable housing is absolutely crucial.