WOODLAND HILLS, Calif., Aug. 31, 2020 /PRNewswire/ -- Alliant Strategic Investments, a Los Angeles based multifamily real estate investment firm, is announcing the closing of an investment in Farmdale Apartments, a North Hollywood property located in an Opportunity Zone, that will become 26 units of workforce and affordable housing. Four of the units will be set aside for residents who are considered to be extremely low income; earning 30% of the area median income or less.
"Now, more than ever, housing matters. The global pandemic has impacted how we live. These uncertain times have intensified the critical need for housing amidst widespread economic hardship," shares Russell Ginise, Alliant Strategic's President. "Particularly for these residents of California, where COVID-19 has resulted in a massive loss of jobs, access to affordable housing is absolutely crucial."
Farmdale Apartments is the first investment made by Alliant Strategic Opportunity Zone Fund I, an investment fund sponsored by Alliant Strategic that was formed to invest in real estate within qualified "Opportunity Zones". Opportunity Zones, created by the Tax Cuts and Jobs Acts of 2017, were instituted to increase redevelopment in economically disadvantaged areas. Across the country, there are roughly 8,700 census tracts in designated Opportunity Zones.
Using a proprietary database created by Alliant Strategic's affiliate, Alliant Capital, which has $16 Billion in assets under management and has invested in more than 100,000 affordable housing units, Alliant Strategic has developed and employs an algorithm designed to filter the 8,700 Opportunity Zone census tracts for those demonstrating optimal qualities for multifamily development.
This press release is not a solicitation or offer to buy or sell securities. Such offer, if any is made, would be made only through a private placement memorandum or offering memorandum, including for Alliant Strategic Opportunity Zone Fund I. Investments may be speculative, illiquid and carry a risk of loss. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved.
About Alliant Strategic Investments
Alliant Strategic Investments (ASI) focuses on socially responsible multifamily investments that directly impact the lives of America's low-income and workforce residents. The preservation of affordable housing and building of workforce housing allows residents to enjoy the benefits of a safe, healthy and stable environment. With extensive experience underwriting, investing in, and managing affordable and market-rate multifamily properties, Alliant Strategic's principals bring deep industry knowledge and invaluable relationships with the nation's top multifamily partners.