Meyer Orbach, a partner in the Minnesota Timberwolves Organization, is doubling down on affordable housing in California. The New Jersey Real Estate Mogul, who has a long history of investing in affordable housing, is showing his strong morals and shrewd business sense by investing more equity into affordable housing preservation in Los Angeles, specifically for the San Pedro neighborhood.
Orbach is celebrating the opening for Verdes del Oriente (Verdes), a 113-unit subsidized garden apartment complex. The total development cost is approximately $56 million and the total construction cost is approximately $9 million; this massive investment is indicative of Orbach’s intent to invest more in affordable housing in California.
Not only does this investment indicate Orbach’s plans for future investment in affordable housing California, but it also illustrates the quality of Orbach’s work. Verdes del Oriente is a beautiful mix of one, two, three, and four bedroom units featuring air conditioning, patios and walk-in closets (in select units), as well as access to a clubhouse, computer center, playground, and laundry facilities. The building is desirable positioned within two blocks of the harbor, USS Iowa, San Pedro Farmer’s Market, and Harbor Division Police offices.
Orbach’s leadership in the affordable housing space in California couldn’t come at a more important time. With Verdes del Oriente, Orbach Affordable Housing Solutions adds another property to its large portfolio of over 4,000 affordable units that it owns and manages. Despite the pandemic, Orbach is having an incredibly successful year; with $150 million acquisitions set to close this year, the firm owns an additional 4,000 multifamily units in New York, New Jersey, Pennsylvania, and California. Despite their state-wide portfolio, this substantial investment in affordable housing preservation in the Los Angeles area is the foundation for Orbach’s future investment and leadership in affordable housing in California