Arctaris Impact Investors, LLC, a Boston-based impact investment firm that supports revitalization projects in underserved communities, made a lead equity investment in Liv DTLA, a $67-million market-rate affordable housing development in the South Park neighborhood of Los Angeles. The transaction marks Arctaris Impact’s first Opportunity Zone investment in Los Angeles.
Funding for the project includes Arctaris’ $13.6-million equity investment, a $34.9-million loan facilitated by the United Way of Greater Los Angeles’ Affordable Housing Initiative, and $18.1 million of equity previously raised through CrowdStreet and other impact-oriented high-net-worth individuals.
The all-studio housing project, located at 1411 S. Flower St., is being developed by Housing Diversity Corp., a Seattle-based large-scale multifamily real estate manager. Construction is 85% complete and the finished project is expected to consist of 227 units, with 40% reserved for extremely low-income and voucher-subsidized households.
