Pasadena Studios in Pasadena, California

Community Builders Group, Bridge Financial Advisors to Open $45 Million Pasadena Studios in Pasadena, California

by Channing Hamilton

PASADENA, CALIF. — A partnership comprising Community Builders Group and Bridge Financial Advisors plan to open Pasadena Studios this August. Pasadena Studios is an affordable housing community that rises six stories in the Los Angeles suburb of Pasadena. The building offers 180 small studio apartments called micro-units. Units are affordable to households earning less than $53,000 annually. Amenities include Wi-Fi connectivity, fitness center, laundry facilities, rooftop deck, a kitchenette and bike storage. The total cost of the project was $45 million.

The development team broke ground on Pasadena Studios in October of 2021. The property was built using tax credits and tax-exempt bonds through the federal Low-Income Housing Tax Credit programs. Citibank provided loan funds based on awards from the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. Westport Construction built the community. Natoma Architects and LCRA provided architectural design. WinnResidential, a subsidiary of WinnCompanies, will manage the community.

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