Alliant Communities Closes $160 Million Investment in Transit-Oriented Multifamily Housing Project in Van Nuys, CA

Stoel would like to congratulate client Alliant Communities (AC) on closing its $160 million investment in a transit-oriented multifamily housing project (Vose Apartments) in Van Nuys, CA. The project involves razing four existing buildings to build a seven-story mid-rise with over 330 units of housing. Vose will offer studio, one-bedroom, and two-bedroom units, 27 of which will be designated for Extremely Low Income (ELI) households. Vose is financed through tax-exempt recycled bonds from the California Housing Finance Agency and private equity. Stoel Rives assisted with the acquisition and financing of this project.

AC is committed to developing workforce housing in Southern California. AC previously closed two similar developments in the San Fernando Valley. These projects, including Vose, will set aside 20% of the units for households making 50% of the AMI. The remainder of the units are targeted for the “missing middle” income households.

Alliant Communities is a real estate development and investment firm with over 25 years of experience focused on developing mixed-income, market-rate, and affordable apartments in a socially conscious manner.