Weekly Real Estate News
AIDS Healthcare Foundation (AHF) announced that it notified the receiver for the Los Angeles-based Skid Row Housing Trust that it is not going through with its planned $27 million purchase of six distressed properties.
“During the escrow due diligence process, AHF learned that the six buildings would require $14 million to bring them up to a fully habitable state,” said the organization in a press statement. “In addition, the operations of these properties are on track to lose $10 million in 2024.”
AHF added that “any buyer of these properties will find themselves in the same situation that led to the failure of Skid Row Housing Trust in short order unless a new model can be developed.” The organization added it would continue to seek out low-income properties in Los Angeles and other markets as part of its real estate portfolio.
