Colliers Closes $16.65 Million Sale of 44-Unit Affordable Multifamily Community in West Los Angeles

LOS ANGELES, Calif., June 3, 2026 — Colliers has announced the sale of a newly constructed 44-unit, 100% affordable multifamily community at 11418 Missouri Avenue in the Sawtelle neighborhood of West Los Angeles for $16,650,000. The transaction priced at $718 per square foot and $378,409 per unit was executed as part of a broader City-backed affordable housing initiative supported by public funding sources.

Colliers Vice Chair Kitty Wallace and Senior Vice President Andrew Eberhard represented the sellers — original project developer Generation Real Estate Partners and Eris Development — in the transaction. The buyer was undisclosed. According to Kevin Zarabi of Eris Development, the 44 homes will transition to the Housing Authority of the City of Los Angeles (HACLA) for long-term stewardship.

An Early Benchmark in ED1-Era Multifamily Development

Completed in 2025, the four-story property at 11418 Missouri Avenue was among the first developments to break ground under Executive Directive 1 (ED1), a program introduced by the City of Los Angeles in December 2022 to accelerate the production of 100% affordable housing. The directive relaxed traditional design constraints on height, floor-area ratio, and density — factors that had historically made low-income housing economically unfeasible in high-resource areas of the city.

Steven Schiebe, Co-Founder of Generation Real Estate Partners, said the policy shift was pivotal to the project's viability. "When the ED1 zoning changes were introduced, for the first time, we found it economically feasible to build low-income housing in a high-resource area without government subsidies," Schiebe said. "The new zoning law lifted traditional design constraints on height, FAR, density, and more, which had stood in the way of helping address the City's housing shortage in West Los Angeles."

Kevin Zarabi, Founder of Eris Development, pointed to the program's ability to compress the timeline from concept to construction. "The real test of any housing policy isn't how many units are approved, it's how many units actually get delivered," Zarabi said. "ED1 created a path to move projects from concept to construction much faster, and transactions like this demonstrate what can happen when a streamlined approval process is paired with the capital and execution required to deliver housing at scale."

Location and Property Highlights

The property is situated two blocks from Sawtelle Boulevard in a neighborhood commonly referred to as "Little Osaka," known for its dining and retail corridor and proximity to major Westside employment centers. The surrounding area provides access to the Expo Line, Interstate 10, and the 405 Freeway, and sits near employment hubs including Century City, Silicon Beach, UCLA, Santa Monica, and Culver City.

The community features panoramic city views from a rooftop amenity space, solar panels, on-site laundry facilities, fitness amenities, and bicycle storage. According to Colliers, the property represents a rare delivery of newly constructed 100% affordable housing in West Los Angeles, where development activity remains limited despite relatively strong renter demand. The surrounding area has a median income exceeding $176,000, underscoring the gap between market-rate housing costs and the income levels the project is designed to serve.

Andrew Eberhard noted the significance of placing affordable housing in a high-demand submarket. "This transaction underscores how public policy, private investment, and experienced operators can work together to deliver much-needed housing in high-demand neighborhoods," he said.

Policy Landscape and Broader Context

The transaction arrives amid a broader policy conversation about how California can increase housing supply in its most expensive markets. Kitty Wallace of Colliers addressed the structural challenges facing multifamily development in the state, noting that high barriers to entry have historically shaped the developer landscape while also contributing to capital and talent migration to other markets.

"California remains one of the most complex development environments in the country," Wallace said. "While those high barriers to entry have historically fostered some of the industry's most experienced developers, they have also contributed to capital and development talent migrating to other markets in recent years. The reality is that housing affordability cannot improve without increasing housing supply, and increasing supply requires policies that make projects feasible to build."

Wallace also pointed to a range of legislative and regulatory efforts as signs of progress. "Initiatives such as SB 79, the CHIPS Act, and ongoing CEQA reforms aimed at streamlining approvals and expanding housing production reflect encouraging momentum," she said. "While opportunities are growing, developers still face challenges, including ULA transfer taxes, replacement housing requirements, and other costs that can affect the pace and scale of delivery. Continued policy improvements that reduce barriers and support responsible development will be key to attracting investment and accelerating housing production across California."

About the Transaction

Colliers is a global commercial real estate services firm. The 11418 Missouri Avenue transaction was brokered by Kitty Wallace and Andrew Eberhard out of the firm's Los Angeles operations. Generation Real Estate Partners served as the original project developer, with Eris Development as co-seller. The property was completed in 2025 and is now under HACLA's long-term stewardship.