740 S. Olive
740 South Olive Street Apartment is a 12 story, 309 unit property, with first floor commercial spaces, originally built in the 1920’s. The property, located in the heart of Downtown Los Angeles, was converted from a commercial office building to a senior housing complex in 1979. The property still caters specifically to senior and handicapped residents, with 100% of the units assisted under a Section 8 contract.
In September 2008, Related California (the Sponsor) acquired 740 South Olive and began a substantial rehabilitation of the property, using $52.45 million of tax-exempt bond financing, credit enhanced by FHA 221d4 mortgage insurance and $15.4 million of Low Income Housing Tax Credit (LIHTC) equity. In January 2009 the Project was awarded a new 20 year marked-to-market Section 8 HAP contract. Major rehabilitation activities included building interior/exterior and building system repairs, energy efficiency improvements, and common area amenity and individual unit upgrades.
Status: Completed (Pre-99)
Gross Sq Ft: 223,093
Number of Stories: 12
Date Opened: 1980
LEED Certification: Not Certified
Residential Type: Affordable, Senior
Affordable Rental Units: 309
Total Rental Units: 309
Total Units: 309