Paramount apartment project target ‘missing middle’

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Wave Staff Report

PARAMOUNT— State Treasurer Fiona Ma joined with Assembly Speaker Anthony Rendon, Paramount city officials and representatives of BLDG Partners at a ribbon-cutting ceremony on March 25 to celebrate the transformation of the Enclave Apartments into much-needed workforce housing for “the missing middle.”

In February, BLDG Partners, in partnership with the California Municipal Finance Authority, acquired the 306-unit multifamily property located at 13801 Paramount Blvd., through the finance authority’s Essential Housing Program. The acquisition, valued at $128.5 million, marked the second essential housing purchase by BLDG Partners and the finance authority this year.

“Housing for the middle-income workforce is sorely needed in California especially in Southeast Los Angeles County,” Ma said. “I applaud the city of Paramount for partnering with the CMFA on this innovative financing that helps meet the high demand of the ‘missing middle’ housing.

“I have to thank everyone involved in this project, because it represents something I’ve been advocating for,” Rendon said. “Our issues are all connected, and we have to address them the same way.”

Paramount Mayor Brenda Olmos called the housing project “a brilliant example of looking at transportation, housing and income stability at the same time.”

“By letting people live near where they work, this is a way to attack climate change, too,” she added.

“This innovative program produces so many benefits for our city,” Olmos continued. “Middle-income households can include teachers, health care providers, and first responders, often at the beginning of their careers. In Paramount, we’re proud to offer these vital members of the community a safe, high-quality place to live at an affordable price.”

A representative of state Sen. Lena Gonzalez’s office was also on hand to present a certificate of recognition.

In addition to property-wide renovations, including several energy-saving initiatives, residents will enjoy best-in-class asset management at the Enclave. Through the finance authority’s Essential Housing Program, income-qualified residents at the Enclave will see rent reductions, which will vary depending on income tiers.

The Essential Housing Program is designed to tackle the challenge of providing “missing middle” housing in California communities by directing rent reductions towards households earning between 80% and 120% of area median income. The program does not displace existing residents in the community who may be over the income threshold, but does ensure that new residents in the community fall within the middle income band.

“Through programs like the Middle Income Housing Program, the state, with the leadership of Treasurer Fiona Ma, has made great strides in helping ease our housing crisis,” said Guy Penini, principal of BLDG Partners. “We are honored to work with her office and with the city of Paramount and Mayor Brenda Olmos to make Enclave a home for working Californians.”

Built in 1991, the Enclave began its transformation of interior and exterior renovations in 2020. The impact on the local multifamily submarket was immediate.

The exterior was upgraded with an appealing new color palette, allowing both its residents and neighbors to realize big changes were underway. The improvements continued within the interior courtyards and corridors.

A redesign of the resort-style pool and spa, gardens, fitness centers, resident tech lounge, playground and onsite laundry facilities has further enhanced living at the Enclave.

BLDG Partners is a developer and owner of both affordable and market-rate housing, with holdings across the country. For more information, visit www.bldgpartners.com.

 

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