Dekel Capital, on behalf of JPI, has arranged preferred equity and construction financing in excess of $80 million for the construction of Jefferson on Imperial, a 244-unit luxury multifamily community in South Gate, CA.
Jefferson on Imperial is the first new multifamily development in the last 30 years to be built in the Downey/South Gate area, a market that is greatly in need of quality workforce housing, according to Dekel Capital Principal Shlomi Ronen.
“South LA has long been overlooked by multifamily developers in this current cycle which presents a great opportunity for JPI,” said Ronen. “This property will offer above average amenities and finishes at an affordable price point for the average two-income working household, something this market is severely lacking. Housing demand and job creation remains high and the lack of new housing options should enable this to be a very successful project for JPI.”
Located at 10920 Garfield Avenue in South Gate, the 4.1-acre site formerly housed a retail center. The new four-story, wrap structure will offer a mix of one-, two-, and three-bedroom homes. A multi-level parking garage will provide 458 stalls. With easy access to both the 710 and 105 freeways, the property sits within a 30-minute rush hour commute of approximately 1.2 million jobs.
JPI, which has developed 32 multifamily communities in California and Arizona, broke ground on the development in March and expects the initial apartment homes to be delivered by October 2020.
WHA, a Southern California-based architecture firm with offices in Los Angeles, Orange County and the Bay Area designed the Project. Alliance Residential Company will manage, market and lease up the property.
About Dekel Capital
Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges.