Developer JPI has received $80 million for the construction of Jefferson on Imperial, a 244-unit luxury multifamily community in South Gate.
The preferred equity and construction financing was arranged by Century City-based Dekel Capital for the project at 10920 Garfield Ave.
Shlomi Ronen, a managing principal at Dekel Capital, said the development is the first new multifamily project in the area in 30 years.
“South LA has long been overlooked by multifamily developers in this current cycle which presents a great opportunity for JPI,” Ronen said in a statement. “This property will offer above-average amenities and finishes at an affordable price point for the average two-income working household, something this market is severely lacking. Housing demand and job creation remains high and the lack of new housing options should enable this to be a very successful project for JPI.”
The project is at the site of a former retail center. Some units are expected to open by October 2020.
WHA designed the project, which will be managed by Alliance Residential Co.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans.
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