06 Feb Community Corp. acquires a 40 unit apartment building

“A local affordable housing developer beat out several potential buyers to purchase an apartment building that went up for sale in a rapidly gentrifying Santa Monica neighborhood.

A 40-unit apartment building at 2033-2101 Virginia Ave. was sold last month to Community Corporation of Santa Monica for $13.7 million, real estate company CBRE announced Wednesday. The building stands in the heart of the Pico neighborhood, which has for half a century been home to a working-class Latino community that is now facing rising rents and evictions as the neighborhood gentrifies.

Community Corp. plans to rehabilitate the building and keep tenants in their homes, said executive director Tara Barauskas. The nonprofit is Santa Monica’s largest deed-restricted affordable housing provider, housing about 4,000 lower-income individuals.”

Read the entire article on The Santa Monica Daily Press website here!