HACLA Pays $43M for Los Angeles Asset
The Housing Authority of the City of Los Angeles has purchased The LP by CLG, a 120-unit community in Los Angeles, from California Landmark Group. Colliers provided brokerage services.
HACLA intends to convert 90 of the property’s units to affordable housing, restricted to households earning at or below 80 percent of the area median income. No existing residents will be required to move and residents with qualifying incomes will be eligible to receive rent reductions.