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Safehold Closes on Ground Leases for Six Affordable Housing Projects in Los Angeles
Safehold Inc., a ground lease real estate investment trust (REIT), has finalized ground leases for the development of six affordable housing communities in Los Angeles. The communities, designated as Low-Income Housing Tax Credit (LIHTC) projects, will be developed by HVN Development, a newly formed entity committed to delivering well-designed, high-quality affordable housing throughout Southern California’s urban infill areas.
“We are excited to establish a relationship with the team at HVN and continue expanding our presence in the affordable housing sector,” said Steve Wylder, Safehold’s Head of Investments. “We are finding our low-cost, 99-year ground lease capital can be very useful in moving these LIHTC projects forward.”
The developments are expected to deliver more than 400 residential units across multiple neighborhoods, including West and Central Los Angeles and the San Fernando Valley. Completion is scheduled for 2027.
“These are high-quality infill locations with significant unmet demand for affordable product, and we are pleased our capital could play a role in delivering these communities,” added Ethan Torbati, Vice President at Safehold.
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