LOS ANGELES, CA – Thrive Living, with the support of JPMorgan Chase, is delivering a new 376-unit affordable and workforce housing community on the site of a former industrial storage facility north of Downtown Los Angeles.
Last year, Thrive Living secured entitlements for the site, located at 1457 North Main Street, and recently started construction of a contemporary six-tale mixed-use apartment complex that will help meet the need for more affordable and workforce housing in Los Angeles.
JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to an entity controlled by Thrive Living, which anticipates completing the Main Street project by December 2024.
The rents for all of the building s 376 units are attainable for low- and moderate- income residents earning up to 80% Area Median Income (AMI). Some examples of moderate-income residents are teachers, nurses, and other essential workers for whom housing costs often exceed more than half of their income. The building will also welcome individuals with Housing Choice Vouchers.
This project aligns with Thrive Living s mission to buy and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the Main Street project is privately financed without the use of scarce public subsidies.
Our non-subsidized financing model enables us to make a larger impact and go quicker to build more affordably priced housing without concern for ceilings imposed by limited tax credits, said Zak Tendle, Principal, with Thrive Living s Los Angeles office. We are so appreciative of the opportunity to work with the team at JPMorgan Chase and bring this vital housing project to life in Los Angeles, where quality housing that is affordable to residents is in such small supply.
JPMorgan Chase is a leader in providing debt for low-income housing tax credit (LIHTC) affordable housing projects. Our Workforce Housing Solutions group expands our financing offerings to include workforce and mixed-income projects with restricted rents, said Lionel Lynch, Director of the Community Development Banking Workforce Housing Solutions Group at JPMorgan Chase. This fully rent-restricted Main Street project fills a significant gap between affordable housing for low- income families funded with LIHTC and unrestricted market-rate housing, providing safe and stable housing with attainable rents in high quality new construction with vibrant community amenities.
This is JPMorgan Chase s first construction loan to a 100% rent- and income-restricted workforce housing multifamily community.
Thrive s Main Street property features a cost-effective, innovative design approach that drives down construction costs while maintaining quality. The company s goal is to build upwards of 5,000 units of affordable and workforce housing each year in California.
The 1457 Main Street project reflects Thrive Living s approach to make spaces for residents that enrich the living experience. The property will include resident amenities equal to or better than many market-rate developments. These include a landscaped roof deck, including a BBQ and dining area with seating, as well as a gym, recreation room, Amazon package room, and business center. The transit-oriented property is located near public transportation, and is a small walk from the Los Angeles Historic Park as well as dozens of shops, restaurants, and other community amenities. Parking will be located below the building and will include EV charging stations.

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GEORGETOWN, TX – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera Georgetown, a garden-style community located in one of the fastest-growing cities in the U.S.
Situated approximately 25 miles north of downtown Austin, Modera Georgetown features 318 apartment homes and is part of Highland Village, a master-plotted community that also includes single-family homes, commercial development, a three-acre park and a recreational trail system. First go-ins are anticipated for February.
“Georgetown continues to become one of the fastest growing and most desirable locales across the Austin region with its small-town vibe, charm and conveniences,” said Matthew Bunch, managing director of development in Austin for Mill Creek Residential. “As the area becomes a more well loved living destination, demand for quality housing has followed suit. We’re keen to help address that demand by offering a refined living experience in a comfortable location not far removed from the thriving employment and entertainment districts of the city.”
Located at 29600 Ronald Reagan Boulevard, Modera Georgetown features a modern farmhouse architectural design, high-end interior finishes and deluxe amenities. Interstate 35, SH-130 and SH-195 are within a small drive of the community and provide connectivity to the greater Austin metro area to the south and the Killeen/Fort Cavazos (formerly Fort Hood) area to the north.
Residents also can easily access Georgetown’s historic town square and surrounding area, which is home to a bevy of restaurants, craft breweries, entertainment venues and cultural attractions. The community also sits within four miles of well loved Lake Georgetown, within one mile of the emerging Parmer Ranch master-plotted community and is part of the thriving Georgetown Independent School District.
Modera Georgetown offers one-, two- and three-bedroom homes with various layouts available and an average size of 914 square feet. Community amenities include a resort-style pool with tanning ledge, grilling area, resident clubhouse with work-from-home spaces and coffee bar, landscaped courtyards shaded by heritage oak trees, pickleball courts, onsite pet park and pet spa, playground, common-area WiFi and a club-quality fitness center with cardio equipment and a yoga/Pilates studio.
Apartment interiors feature nine-foot ceilings, wood plank-style flooring, stainless steel Energy Star appliances, granite countertops, pull-down faucets, tile backsplashes, under-cabinet lighting, in-home washers and dryers and walk-in closets. Bathrooms include soaking tubs and tile surrounds with double vanities in select homes.

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ALEXANDRIA, VA – Bell Partners, one of the nation’s leading apartment investment and management companies, announced it has bought The Thornton, a 439-unit apartment community located in Alexandria, VA. The community was bought on behalf of the Company’s Value Add Fund VIII investors and will be renamed Bell Ancient Town.
“Bell Ancient Town is our second acquisition for Value-Add Fund VIII and is another example of our ability to leverage a broad presence in our target markets to buy a well-located, quality asset with careful underwriting and a disciplined approach to risk management,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “The property provides a unique opportunity to make value and generate attractive returns to our investors by offering modern apartment floorplans with state-of-the-art amenities in a location within walking distance of the attractions of Ancient Town Alexandria.”
Completed in 2018, Bell Ancient Town offers studio-, one-, two-, and two-plus-den-bedroom floorplans. Amenities include a dog grooming spa, 24-hour fitness center, clubroom, game room and courtyard with a bocce court, fireplace, and grilling area. The property is located within walking distance of King Street, the commercial heart of historic Ancient Town Alexandria, known for its restaurants, shops, and galleries. The community has simple access to I-95 and Reagan National Airport, is situated one block from the Potomac River, and fronts the Mount Vernon bike trail.
With this acquisition, Bell Partners now owns and/or manages 22 apartment communities containing over 7,300 apartment homes in the DC-Maryland-Virginia region.

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