Case Study  /  Core Investment Strategy

Innovative non-profit partnership creates workforce housing with potentially significant investment gains

Property Details:

Harbor Terrace

441 West 3rd Street/San Pedro, CA
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    Year Built:
    1987
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    Unit Count:
    93

Opportunity

Harbor Terrace is a 93-unit apartment complex in a booming community with strong rental growth, robust home prices, and exceptionally low vacancy rates. Located just south of Los Angeles, San Pedro has been undergoing a major transformation — with an influx of public and private investment — and now is one of LA’s fastest growing submarkets, featuring expansive beaches, a flourishing downtown art scene, robust tourism, and, due to its proximity to one of the busiest ports in the country, strong employment and diverse industry.

Impact

In a distinctive partnership, Post and its non-profit partner, in conjunction with public agencies, converted the asset to workforce housing, creating much-needed affordable housing for the community by setting aside 100% of the units for those earning at or below 80% of area median income.

  • Fitness center
  • EV charging stations
  • On-site laundry facilities
  • Open-air courtyard
  • Private patios and balconies
  • EPA ENERGY STAR certified
  • Parking garage
  • Gated community
  • 24-hour package lockers
  • Stainless steel appliances
  • Quartz countertops*
  • Cherry-wood cabinets*
  • Gray modern finish cabinets*
  • Stainless steel appliances*

*Select units