A new 290-unit affordable multifamily complex is heading to East Hollywood by way of private financing.

Developed by Brentwood-based Thrive Living, the apartments at 1141 N. Vermont Ave. will serve households earning up to 80% of L.A. County’s area median income. For a two-person household, this means a combined annual income of $96,950, according to the Department of Regional Planning.

With the development site’s proximity to L.A. City College, which is two blocks away, Thrive expects to see some of its resident pool to come from the school.

The project will be developed through modular construction, and as a result, Thrive anticipates a 14-month construction period.

Thrive Living secured a $65 million construction loan from J.P. Morgan’s workforce housing solutions group for this complex.

“We are thrilled to back Thrive’s 1141 N. Vermont development, as it plays a crucial role in bridging the affordability gap in a dynamic L.A. neighborhood, while providing high-quality, stable housing,” said Lionel Lynch, head of workforce housing solutions at J.P. Morgan.

Ben Shaoul, founder of Thrive Living, emphasized the benefits of embarking on a development without using public subsidies.

“By creating affordable and workforce housing without the use of public subsidies,
we are focusing on a market-driven solution that saves time and money and can be scaled because it’s not dependent on limited government tax credits,” Shaoul said.

Thrive was able to utilize the city’s ED-1 program to secure speedy approvals for the project. Amenities will include a rooftop terrace, parking and bike storage, and community spaces for games and dining.

A. Walker & Co. and Basis Investment Group are also partnering with Thrive for the project. Their specific contributions were not disclosed.

Austin Walker, chief executive of A. Walker & Co., called the project “transformative.”

“It is truly an example of how smart policy and collaborative city officials can enable developers and private capital to come together to solve housing affordability not only in the great city of Los Angeles but across the country,” Walker said in a statement.

Investing in L.A. housing

Over the next two years, Thrive Living plans to invest more than $1 billion in workforce housing across California.

This is Thrive’s fourth affordable development in Los Angeles financed without public subsidies. The firm seeks projects on “strategically located, underutilized urban sites,” according to a release.

Currently, Thrive is constructing a 367-unit mixed-use workforce housing development in Chinatown at 1457 N. Main St., which will be 100% rent- and income-restricted. J.P. Morgan provided construction financing for this project as well.

Thrive is also making a splash in South L.A. with its massive, 800-unit mixed-use development in Baldwin Hills. As the first mixed-use project anchored by a Costco in the country, the complex broke ground about a year ago is expected to be completed in late 2027 to early 2028.