Santa Monica Affordable Collection

JLL, as exclusive advisor, is pleased to present for sale the Santa Monica Affordable Collection (the “Portfolio”), an 11-property, 399-unit, Affordable and Workforce Housing portfolio throughout the city of Santa Monica (the “City”).

The beachside city of Santa Monica has a population of approximately 91,000 with only 3,608 of the existing units being affordable. The Portfolio represents +21% of all the affordable housing units built after 1990 and will be sold at a significant discount to replacement cost.

The Portfolio is governed by certain regulatory agreements that prescribe the maximum rent based on percentages of the Los Angeles Area Median Income (“AMI”) and as a result, in-place rents are averaging $1,806 per month which is approximately 25% below market rents.