The Oasis Koreatown
44-unit Affordable Multifamily Development
Affordable Housing isn’t Just a Need, it’s an Imperative
“For Los Angeles to flourish and for its heartbeat - its essential workforce - to thrive, the city’s housing tapestry needs a radical re-weaving.”
Hooman Ghaffari
CEO
The most recent Regional Housing Needs Assessment (RHNA) report prepared by the California Department of Housing and Community Services determined the need for nearly 500,000 new housing units in the Los Angeles area by 2029. It recommends at least 260,000 of those units be focused on low-to-moderate-income residents.
Compared to the development that took place between 2014 and 2021, there will need to be a 20X increase in development of affordable units to meet the anticipated demand. The data vividly illustrates the scope of the market and underlines the fantastic opportunities for growth and impact within FNX’s grasp.
Purpose Meets Profits
Los Angeles is currently on the brink of a housing transformation, and leading this change is FNX, led by the seasoned founders who are reshaping the city’s affordable housing landscape.
After forging impressive paths in the world of market-rate real estate, the founders of FNX have recently launched an innovative capital raise, creating a new opportunity for everyday investors typically only available for accredited or institutional investors.
The FNX Team stands united with a vision that promotes everyone's best interests - from the residents of Los Angeles in need of affordable housing, to the investors backing the solution while seeking stable returns on their funds. Through the creation of new top-tier, eco-friendly affordable housing, FNX is not just responding to a pressing social issue, but actively crafting a sustainable long-term solution. The aim? To address Los Angeles’ housing emergency while delivering financial rewards to our investors.
Oasis Koreatown
Property Size
16,300+ Square Feet of Planned Improvements
44 Total Units 43 1-Bedroom Units & 1 ADU Studio
5 Stories Type V Construction
Location
904 South Normandile Avenue
Los Angeles, CA 90006
94 WalkScare ®
Project Summary
The vibrant Koreatown neighborhood in Los Angeles is a tapestry of cultures and demographics. As one of the most densely populated neighborhoods in the United States, this unique community has it all, including established employment centers, city-leading walkability with access to major subways, busways, and other transportation options.
The Oasis Koreatown developmentwill bring up to 44 much needed 100% affordable apartment units to a community in need of more housing.
The Oasis will comprise 43 1-bedroom units with 1 accessory dwelling unit, in a 5-story envelope.
We will build the structure and commence with occupancy and stabilization of the property, and have obtained agreements with a non-profit agency to fully occupy the property for a period of five years. Our plan is to dispose of the property once Investor targeted returns of 16% IRR or 1.5X equity multiple are achieved.
Capital Stack
The Oasis Koreatown is being developed with a targeted Investor return of over 19% IRR and 1.5X equity multiple over a 3-4-year hold period
For every $100,000 invested, the Oasis Koreatown is projected to yield approximately $168,000 in total return
Learn More About Investing in our Oasis Koreatown Project
Why We Like This Project
Targeted Development
Oasis Koreatown is a 100% affordable housing development located in proximity to amenities, vibrant job hubs, and critical transportation options. By exclusively championing affordable housing FNX is meeting the high demands of Los Angeles residents in urban zones ripe for developments of this kind.
Ensured Stability
Long-term State and Federally backed lease agreements ensure 100% occupancy with bonus payments for utilities, management, and performance.
Win-Win Proposition
While we're passionate about backing social change and improvements to our City, we are equally committed to generating robust returns for our investors, The Oasis Koreatown development is projected to yield strong results, with targeted 16% IRR and 1.5X equity multiple on a 3-to-4-year hold.
About The Company
FNX Development is a real estate development and investment firm with a mission to create impactful housing solutions for low-income individuals and essential workers.
Our Projects
At FNX Development, where we're dedicated to redefining affordable urban living in Los Angeles. Our portfolio showcases a diverse range of projects, which blend cutting-edge design with practicality. Each project is a testament to our commitment to providing affordable, stylish, and eco-friendly housing solutions. We focus on revitalizing communities, addressing the 'Missing Middle' in housing, and creating spaces that resonate with the spirit of the city. Dive into our projects and discover how we're transforming the landscape of affordable housing in LA.
