$28 Million Financed for New 92-Unit Apartment Complex Near Culver City
A new multifamily residential development with 92 apartments is moving forward in Los Angeles after securing $28 million in financing, announced today by Priority Capital Advisory.
The project, located at 8931 W. Helms Place, just south of the I-10 Freeway, received approvals earlier this year and is slated for completion in late 2026. Plans call for a five-story building featuring a mix of studio, one-, and three-bedroom apartments, including several accessory dwelling units. The development will also include co-working space, patios, a parking garage, and a rooftop deck, designed by The Albert Group Architects.
“Very few market rate projects are breaking ground in Los Angeles due to Measure ULA, but this project is incredibly special given its trophy Culver City-adjacent location and affordable price point,” said Priority Capital Advisory founder Zachary Streit in a news release. City approvals included density bonus incentives, requiring 12 of the apartments to be reserved for low- and extremely low-income households – a common practice to encourage development in a challenging housing market. CityPads, the developer, has also recently applied to build a larger 144-unit development one block away on Kramerwood Place, and has approvals for a 132-unit complex near the North/Clyborn CTA Station in Chicago.
CityPads principal Andy Ahitow indicated this Los Angeles project is the company’s first in the city, but will not be its last. Officials stated the financing demonstrates continued investor confidence in well-located, thoughtfully designed housing projects despite current economic headwinds.
