Real estate investment company Kennedy Wilson is partnering with multifamily developer Jamison to deliver 4,000 affordable housing units across Los Angeles through adaptive reuse and new construction.
The strategic partnership is between Arden Residential, Jamison’s newly launched affordable housing division, and Vintage Housing, Kennedy Wilson’s affordable housing joint venture.
The new collaboration will leverage Kennedy Wilson’s affordable housing expertise. The firm entered the affordable housing sector in 2015 when it acquired an equity stake in Vintage Housing. It since has helped to grow the platform from 5,000 to over 13,000 units in the West.
“This strategic partnership between Jamison and our Vintage Housing platform is all about providing much-needed affordable housing in our backyard, the city of Los Angeles,” said Nicholas Bridges, global head of capital markets at Kennedy Wilson. “Built on a relationship spanning decades, our strategic venture brings together Jamison’s extensive real estate portfolio and multifamily expertise with Kennedy Wilson’s affordable housing development capabilities to accelerate delivery of approximately 4,000 affordable housing rental units across the city. Together, Kennedy Wilson and Jamison are committed to delivering housing solutions that address the city’s affordability challenges while creating a lasting, positive impact for Los Angeles communities.”
Jamison CEO Garrett Lee added that his firm will bring its deep local market knowledge and hands-on development expertise to the venture, while the Vintage Housing platform will bring the institutional strength, operational excellence, and long-term vision.
“Together, we will develop thoughtfully designed housing for families, seniors, and communities through both adaptive-reuse conversions and ground-up construction in transit-oriented, job-rich neighborhoods that provide residents with access to the opportunities and services that make Los Angeles thrive,” he added.
According to the firms, this joint venture represents an actionable step toward delivering accessible housing opportunities for individuals and families across a range of income levels in an area hampered by housing challenges.
The first project for the partners will be the conversion of the former Los Angeles World Trade Center, which will be rebranded as Sky Castle. The 400,000-square-foot office-to-residential conversion will comprise 512 affordable units with a mix of one-, two-, and three-bedroom floor plans.
The first phase, which is slated to begin in August, will focus on the building’s concourse levels to deliver 241 affordable housing units for households earning between 30% and 80% of the area median income. The second phase, planned for the office tower above, will add 271 affordable units. In addition, residents will have access to modern community amenities such as community rooms, a coworking space, a resident lounge, on-site storage, mail parcel rooms, and laundry rooms throughout the property.
Los Angeles leaders have endorsed the residential conversion, approving it under the city’s new adaptive-reuse ordinance.