LOS ANGELES, CA – Affirmed Housing, a leading provider of affordable housing throughout California, announced the completion of The Iris, a new, affordable and supportive housing development serving low-income and formerly unhoused Angelenos in West Los Angeles. A special ceremony was held to commemorate the project s grand opening and attended by Councilmember Traci Park.
Building more affordable and permanent supportive housing is a critical priority and core strategy in our comprehensive and citywide effort to confront the homelessness crisis, said Los Angeles Mayor Karen Bass. For the first time in six years, homelessness is down in the city as a result of public-private partnerships and a shared commitment to urgently house Angelenos. This new development continues that momentum. Now, many more Angelenos will have a roof over their head and the care and services that they deserve.
The Iris is another example of our efforts to bring comprehensive solutions to Council District 11, said Los Angeles City Councilwoman Traci Park. This project will make a real difference for working families on the Westside, while also providing a home with wrap-around services to the formerly unhoused, putting them on a pathway to a purposeful life.
The Iris is a six-tale development comprised of 61 new homes that come in a mixture of studios, one-, two-, and three-bedroom apartments. Nearly half of the apartments are dedicated to supportive housing for formerly unhoused residents earning 30 percent of the area median income (AMI), and the remaining apartments are set aside for family households earning between 30 and 60 percent AMI, as well as one property manager unit. Several shared onsite amenities are incorporated throughout the building, including a laundry room, mail room, management and services offices and a large community room with a kitchen and media area. The rooftop deck features a lounge area and a community garden with planting beds available to residents.
The Iris is Affirmed Housing s second project to open in Los Angeles this year. Lumina, a new, supportive housing development with onsite services for unhoused veterans and people with disabilities recently opened in Chatsworth.
The Iris and Lumina both arrive at a critical time. Vulnerable Angelenos need more than just a roof over their heads; they need a safe environment to stabilize, reacclimate and start the next chapters of their lives, said Affirmed Housing President Jimmy Silverwood. These projects deliver a combination of housing, care and support to help residents do all of that and be successful in living their best lives for the long term. These projects also demonstrate the city s commitment to housing citizens using compassionate, people-centric solutions that make the region a better place to live.
In addition to housing, The Iris residents have exclusive access to onsite supportive services and care provided by The People Concern, one of the region s largest social services agencies dedicated to providing integrated and comprehensive care to people experiencing homelessness, helping them break chronic lifecycles of living on the street. Social service and case manager offices are located on the ground floor in secured space adjacent to a break room for service and staff personnel. The Iris location in a high resource area, just off the 405 freeway, also fosters more autonomous living, allowing residents to conveniently access offsite amenities that include schools, grocery stores, public parks, a library, a medical clinic and public transportation.
The Iris is funded through a combination of sources, including the City of Los Angeles, deferred developer fees, and federal and state tax credits. The Housing Authority of the City of Los Angeles is providing project-based vouchers for the supportive homes.
Bank of America is proud to have helped finance The Iris, bringing much needed affordable and permanent supportive housing to West Los Angeles. This public-private partnership led by Affirmed Housing in partnership with the City of Los Angeles has made a new, high quality affordable housing community with critical services to help residents regain personal and financial stability, said Garrett Gin, Bank of America Los Angeles market executive.

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TALLAHASSEE, FL – Portman, 908 Group, Canyon Partners Real Estate LLC and PTM Partners have announced the formation of a new joint venture to develop a student housing project on the Florida State University campus across from Legacy Hall, the future home for the FSU College of Business, currently under construction with completion scheduled for spring 2026. The joint venture secured a $73.3 million senior construction loan from Pacific Life Insurance Company.
The Hall is a Class-A student housing project located in a qualified opportunity zone. It will feature 191-units and 674 beds across two mid-rise buildings, with 452 parking spaces and 7,689 square feet of ground floor retail. The General Contractor is FavorGray. Construction is expected to be completed prior to the start of the 2026-2027 academic year.
The Hall will bring a luxury residential experience immersed within the FSU campus, with amenities including a rooftop pool, high-speed Wi-Fi, and a state-of-the-art fitness center. Residents will benefit from immediate proximity to the new Legacy Hall of Business facility, expected to be the largest academic space on campus. The Hall is also a 10-minute walk from FSU’s main campus, and central to a variety of key retail offerings including restaurants and fitness studios.
“Today’s students expect the best in their living experience, and Portman has a proven track record of delivering top-of-the-line residential communities that do just that,” said Portman Senior Vice President Rodney King. “We are entering the market with a solid deal to deliver a high-quality student housing project at one of the southeast’s most prominent college campuses. We are bullish on student housing and are currently pursuing several deals at top-tier universities that will break ground in 2025.”

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KANSAS CITY, MO – BAM Capital announced the latest addition to the BAM Multifamily Growth & Income Fund IV portfolio, Altitude 970, a premier institutional-quality apartment community. Completed in 2018, Altitude 970 sits in the thriving Kansas City, Missouri market, comprising 291 luxury apartment units that are superior to the competitive set.
Altitude 970 is strategically located in an area experiencing robust economic growth, a growing population, and thriving job markets. The property’s proximity to the Kansas City International Airport and the KCI 29 Logistics Park offers residents exceptional access to current and incoming employment opportunities. This favorable economic profile supports strong rental performance and enhances the property’s appeal to potential residents.
Altitude 970 presents a significant investment opportunity within BAM Multifamily Growth & Income Fund IV. The property has the potential for rent increases consistent with market comps, enhanced ancillary income, and reduced expenses through operational efficiency. With a 98% occupancy rate, The BAM Companies’ vertically integrated platform is committed to maintaining high occupancy levels through its proven methods and strategic operational expertise.
“Our company’s foundation is property management and operations,” says Tony Landa, Chief Investment Officer at The BAM Companies. “The firm is only as excellent as its people on the ground and on-site. The operations team is paramount to our success.”
The acquisition underscores BAM Capital’s commitment to providing premium assets and tangible returns for its partners and stakeholders. Altitude 970 enhances the Fund IV portfolio, offering substantial income potential for investors that aligns perfectly with BAM Capital’s strategic vision and investment criteria. Located in the economically vibrant area of Kansas City, Missouri, Altitude 970 is poised to deliver strong returns through strategic management and market positioning.
The property features unique amenities that enhance the living experience for residents, including a pedestrian-friendly trail to upscale retail, a resort-style pool, a fitness center, a movie theater, recreation areas, a rooftop lounge, and more.
“BAM Capital isn’t a commodity buyer,” Landa declares. “Evaluating key differentiators that separate the asset you seek to buy from the competitive set is critical when acquiring property. It strengthens the underlying rent assumptions to your acquisition proforma.”
The Northland submarket, where Altitude 970 is located, has experienced substantial rent growth and is projected to continue this trend, further enhancing the investment’s potential. Additionally, the area around Altitude 970 is seeing significant economic developments.
“The year-over-year rent growth stands at 3.7% as of Q2-2024, which is ranked #3 nationally according to Yardi,” Landa reports. “Deliveries relative to total inventory in this mark is well below the national average, and it plays a significant role in apartment fundamentals.”
“BAM Capital has been actively acquiring. The best opportunities come when others see pitfalls. Fortunately, BAM Capital has bought trophy assets at an attractive investment basis,” says Landa. BAM Capital’s commitment to strategic management ensures that Altitude 970 maintains high occupancy levels, optimizes rents, and manages controllable operating expenses. The property’s prime location near significant economic drivers and unique amenities makes it an attractive option for residents, further supporting its strong rental performance.

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