CBRE’s Michael Jokhi continues to play a pivotal role in helping to create affordable housing in California through creative adaptive reuse transactions. Through his efforts, he has transacted over 1000 hotel rooms in LA County, speciÿcally for conversion to affordable housing. This most recent asset was formerly owned by one of the nation’s largest hotel REITs and was sold to notable non-proÿt housing agency, the Weingart Center. Through their work, this property will be transformed into 107 apartments, including 106 units of permanent supportive housing. The complexity of this deal is heightened by the necessity for a cooperative City, County, Housing Authority and the addition of State funding into the capital stack. These public-private partnership efforts continue to transform the landscape of housing affordability by easing the supply-demand constraints on a local level, without ground up construction. The execution of this deal will allow for the Weingart Center to convert the existing hotel in Carson into The Weingart Primrose project which is set to bring signiÿcant value to the community with 107 studio apartments for unhoused individuals. This initiative is part of a broader effort to address homelessness in Los Angeles County through strategic acquisition, conversion and reprogramming of the sites.
