VITAL STATISTICS
WATTS ARMS II
1724 E. Century Blvd., Los Angeles
Square Footage: 27,353
Deal Value: $8.6 million
This 40-unit senior affordable housing complex located in South LA was purchased by a local non-profit senior affordable housing company that has a large presence throughout the Los Angeles submarket. After a lengthy escrow process that was required to HUD approval for the ownership transfer, the transaction successfully closed in December 2022. The asset consists of 40 senior (age 55 and up) apartments on a two- acre campus. The community currently maintains strong occupancy and was consistently high before and through the COVID-19 pandemic. Section 8 housing waivers subsidize the majority of the rent, providing a stable and consistent income stream.
The immediate surrounding area is expected to see a significant increase in the senior population over the next five years, notably a 23.9% increase in the 75-plus age group. Ensuring that the property sold to a non-profit company that would continue to have rents subsidized with HUD approval was an important feature for ownership.
