Project Description
Pico/Gramercy Apartments
Address: 3215 W. Pico Boulevard, Los Angeles, CA 90019
Phone Number: (323) 733-4933
Year Completed: 2007
Type: Family | Units: 71
Management: Solari Enterprises, Inc.
Partner/Lenders:
- Wells Fargo
- California Community Reinvestment Corporation (CCRC)
- MMA Financial, Inc.
- Century Housing Corporation
- Los Angeles Housing Department
- Community Redevelopment Agency of the City of Los Angeles
- Housing Authority of the County of Los Angeles
- State of California Housing & Community Development
- Federal Home Loan Bank Affordable Housing Program
- California Tax Credit Allocation Committee (CTCAC)
Pico/Gramercy Apartments was completed in 2007, and offers affordable family apartments to Los Angeles residents. To complete this project, the Meta Housing team worked with seven different financing partners, successfully securing 4% tax credits, as well as additional financing from various City and county agencies.
When Meta Housing first purchased this property, there was a vacant lot located next door, which was situated in between the future community and a residential neighborhood to the north. The Meta team worked closely with the Community Redevelopment Agency of Los Angeles (CRA) in order to purchase the vacant lot for the new development.
Rather than adding additional units, however, the Meta Housing team decided to use the land to further the life-enhancing attributes of the property, including the creation of a larger community center for residents, an open green space, and additional parking.
This community is also one of many Meta Housing properties which features a partnership with the Neighborhood Youth Association of Los Angeles. Through this partnership, children living in the Pico/Gramercy Apartments have access to free education services, including on-site tutors and after school programs.