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924 S. OSAGE AVE.
INGLEWOOD, CA 90301
PROPERTY Stats
91
UNITS
2002
year built
70,050
sF
PROPERTY OVERVIEW
Osage Senior Villas is a 91-unit affordable housing community located in Inglewood, CA, just south of Los Angeles. The property is conveniently located minutes from major retailers including Costco, Target, and ALDI. Numerous restaurants, outdoor recreation, healthcare, the Inglewood Senior Center, Los Angeles International Airport, and major transportation arteries, including I-405 and I-105, are nearby as well.
The property was built and placed in service in 2002 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 35%, 40%, 45%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the California Tax Credit Allocation Committee. The property is beyond its initial compliance period.
Osage Senior Villas offers one and two bedroom apartment homes featuring a refrigerator, dishwasher, stove, and central air conditioning. Community amenities include a computer room, library, fitness center, and community room.
Blocks away from Hollywood Park, the largest mixed use development under construction in the Western U.S., which has a final build-out plan of 900,000 square feet of office space, 890,000 square feet of retail space, 300 key hotel, and 25 acres of open space along with along with the recently completed SoFi stadium, which hosted the 2022 Superbowl
Terrific Rental Upside as the LIHTC Limits are projected to increase by 8.73% in 2023 and the HCD Limits are projected to increase by 8.89%
Senior LIHTC property that has operated with very low historical turnover as the current asking rents at the property are $750 to $1,000+ below comparable market rate properties
Los Angeles County has both been a high income growth and high rental growth market as HUD AMI’s have increased by over 41% since 2017 and the HUD FMR’s have increased by over 34% since 2017
INVESTMENT HIGHLIGHTS
ADAM TOMBERG
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
BRUCE FURNISS
Managing Director
Multifamily Housing
714.384.3266
bruce.furniss@berkadia.com
BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
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Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
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CHRIS CRUMP
Managing Director
504.322.1196
chris.crump@berkadia.com
TIM LEONHARD
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
OSAGE
SENIOR VILLAS