Built in 2008, this six-story, 49-unit urban infill development is located in the Korea Town section of Central Los Angeles, an area where demand for affordable housing is extremely high. The one-, two-, and three-bedroom apartments in the complex are connected by walkways on each floor and center around a courtyard with a play area. This family community is close to an elementary school and within easy walking distance of public transportation.
The managing general partner of Hobart Height Apartments is the Central Valley Coalition for Affordable Housing (CVCAH), a nonprofit founded by the Housing Authority of the County of Merced to build and sustain affordable housing. John Stewart Company, one of the largest and most important full-service real estate companies in California, has managed the building since it began operations. CDT acquired this loan as part of a portfolio purchase from CCRC.