McDermott Group Land Advisors represented META housing in purchasing Mission Gateway. The development has broken ground on the initial phase of a project which will result in one of the largest affordable housing complexes in the City of Los Angeles.

The project, called Mission Gateway, is now taking shape on a 4.35-acre property at 8811 N. Sepulveda Boulevard. Plans call for a series of five-story structures featuring 356 units of subsidized affordable housing.

Togawa Smith Martin is designing the approximately 525,000-square-foot development, which is called Mission Gateway. Renderings depict a series of contemporary podium-type buildings, which would incorporate courtyards, event space, and other recreation areas for use by residents.

Construction of the roughly $138-million housing complex is being funded in large part by tax-exempt loans and federal tax credits. The anticipated price tag for Mission Gateway translates to a roughly $387,000 per-unit cost.

The completed development is expected to offer a mix of studio, one, two, three, and four-bedroom apartments, reserved for households earning between 30 and 60 percent of the area median income. Proposed rents would range from $514 to $1,834 per month.

Per an application for tax credit financing, completion of construction is expected in mid-2022, and full occupancy is anticipated by early 2023.

The project site, located at the southwest corner of Sepulveda and Rayen Street, was originally entitled in 2017 by a different developer seeking to build a similar 364-unit market-rate apartment complex. However, rising construction costs led ultimately prevented that development from moving forward, leading to a sale of the property to Meta Housing Corp. earlier this year for $14 million.

• Sales Price: $14,000,000

• Product Type: Land / Multi-Family

• Size: 189,486 SF | 4.35 AC

• Price / SF: $73.88