Arctaris Impact Investors, LLC, a Boston-based impact investment firm focused on revitalizing underserved communities, has announced its first Opportunity Zone investment in Los Angeles. The company has made a lead equity investment in Liv DTLA, a $67-million market-rate affordable housing development located in the South Park neighborhood.
The project is being funded by Arctaris’ $13.6-million equity contribution and a $34.9-million loan facilitated by the United Way of Greater Los Angeles’ Affordable Housing Initiative. An additional $18.1 million of equity was raised through CrowdStreet and other high-net-worth individuals with an interest in making an impact.
Housing Diversity Corp., a Seattle-based multifamily real estate manager known for large-scale developments, is spearheading this all-studio housing project at 1411 S. Flower St., which is currently 85% complete and expected to consist of 227 units upon completion. Of these units, 40% will be reserved for extremely low-income households and those with voucher subsidies.
