The Rose Affordable Housing Preservation Fund IV purchased Casa Panorama in April 2017. The 154-unit Senior Section 8 property is located in Panorama City, CA, and consists of an eight-story apartment building with a recreation building, on-site laundry facilities, 76 parking spaces and a community room. The Fund secured this purchase off-market, as part of the Forest City Portfolio acquisition.
At acquisition, the Fund secured a new Section 8 contract, which extended the property’s affordability for another 20 years. Due to a refinancing, minimal equity was required and $8M was distributed to the Fund at closing. The Fund invested approximately $3M of capital expenditures to qualify for post-rehabilitation rents and to improve the quality of life for the property’s residents. In addition, the Fund partnered with Wakeland Housing and Development Corporation (non-profit GP) to benefit from annual property tax savings through California’s Welfare Exemption Property Tax Abatement program.
Casa Panorama has achieved Enterprise Green Communities Certification. The Fund’s recent renovation included a new computer area and library, along with wellness and fitness rooms for residents. The Department of Aging has designed a program to provide an on-site daily lunch for residents. A nutritionist also advises the residents on food and its impact on human health.
Preserving affordability, greening and improving operations of this senior Section 8 property in Los Angeles.