LOS ANGELES — Front Porch and Brookmore Apartment Corp. have acquired Vista Tower Apartments, a 230-unit affordable seniors housing community in Los Angeles, with plans to rehabilitate the property.
Front Porch subsidiary CARING Housing Ministries (CHM) manages the property. Brookmore acquired the property in July from Baptist Services Corp.
Capital partners on the acquisition and renovations include Citi Community Capital, Alden Capital Partners and the California Public Finance Authority. Low Income Housing Tax Credits have ensured that the property will serve low-income seniors for at least the next 55 years.
Front Porch, its partners (including California Lutheran Homes and Community Services), and Brookmore contributed a total of $1.5 million dollars to preserve Vista Tower as an affordable housing community.