A local affordable housing developer beat out several potential buyers to purchase an apartment building that went up for sale in a rapidly gentrifying Santa Monica neighborhood.

A 40-unit apartment building at 2033-2101 Virginia Ave. was sold last month to Community Corporation of Santa Monica for $13.7 million, real estate company CBRE announced Wednesday. The building stands in the heart of the Pico neighborhood, which has for half a century been home to a working-class Latino community that is now facing rising rents and evictions as the neighborhood gentrifies.

Read More: https://www.smdp.com/affordable-housing-developer-buys-pico-apartment-building/185767