Ethos Real Estate closes $76M purchase of Residences at Woodlake

Ethos Real Estate announced the company has closed on the $76 million purchase of the Residences at Woodlake, a 276-unit multifamily property in the Crenshaw District of Los Angeles. Under the deal, Ethos will be converting the formerly market rate property into deed restricted affordable housing through a unique public private partnership that leverages a California statutory property tax exemption. Under the deed restriction, half of the units will be restricted to families earning up to 80% of the Average Median Income for Los Angeles, and 10 percent will be restricted to families earning up to 60% of AMI, for 55 years. The property was the second purchase for Ethos’ joint venture with GCM Grosvenor, investing on behalf of its clients.