Latest news with #SimonAftalion
Business Wire
4 days ago
- Business
- Business Wire
Passo Secures Major Expansion with New Development Milestone, Reinforcing Its Role as One of the Leading Affordable Housing Developers in Los Angeles
LOS ANGELES--(BUSINESS WIRE)--In a bold move that further establishes its position at the forefront of mission-driven development, Passo today announced the off-market acquisition of 11970 Santa Monica Boulevard. The approximately 17,200-square-foot parcel had not traded hands in nearly 50 years. Passo plans to develop a new affordable housing community comprising ~ 162 units, leveraging the Los Angeles ED-1 program. The future building will span nearly 80,000 square feet, delivering much-needed housing in one of West LA's most desirable and supply-constrained neighborhoods. 'This next chapter represents both scale and intentionality,' said Sabin Burrell, Principal at Passo. 'We've thoughtfully built a pipeline across some of Los Angeles's most competitive neighborhoods." Passo has more than 600 affordable housing units in various stages of construction and development. With total development costs exceeding $200 million, this milestone marks a significant acceleration for one of Los Angeles's fastest-growing affordable housing developers. Founded in early 2024, Passo has quickly differentiated itself by deploying capital with uncommon speed, clarity of purpose, and impact. The firm is focused on creating thoughtfully designed, high-quality communities in historically inaccessible locations – those with the greatest economic opportunity. 'This next chapter represents both scale and intentionality,' said Sabin Burrell, Principal at Passo. 'We've thoughtfully built a pipeline across some of Los Angeles's most competitive neighborhoods — not just to build units, but to create pathways to economic opportunity for Angelenos who've long been left behind.' Passo's model has drawn backing from several leading institutional investors and lenders, enabling the firm to execute at an accelerated pace. Its strategy is grounded in the conviction that affordable housing should not require compromising on location, quality, or dignity. 'We are fundamentally rethinking where and how affordable housing is built,' said Simon Aftalion, Principal. 'Too often, affordability dictates isolation — placing people far from jobs, services, and opportunity. Our developments flip that script.' The name Passo, which means 'step,' underscores the company's mission to help residents take the first meaningful step toward long-term economic independence. 'We chose the name intentionally,' said Daniel Glimcher, Principal. 'We see each development not just as housing, but as a foundation from which individuals and families can springboard to economic prosperity. By building in proximity to employment centers and transit, we're offering opportunities for mobility, security, and economic health.' With 8 projects underway and a robust pipeline for the remainder of 2025 and 2026, Passo is setting the standard for the currently underserved Los Angeles affordable housing ecosystem. As the affordability crisis continues to escalate, Passo is proving that scale, speed, and social impact can not only coexist — but thrive.
Yahoo
17-06-2025
- Business
- Yahoo
Passo Expands Portfolio with Acquisition of Three Prime West Los Angeles Sites for Affordable Housing Development
LOS ANGELES, June 17, 2025--(BUSINESS WIRE)--Passo, a Los Angeles-based affordable housing development and investment firm, today announced the acquisition of three additional sites in the Westwood and Sawtelle neighborhoods of West Los Angeles. These additions to Passo's rapidly expanding portfolio illustrate Passo's continued commitment to developing high-quality, affordable multifamily housing in the city's most sought-after neighborhoods. Founded in early 2024, Passo has quickly emerged as one of the most prolific developers of affordable housing in Los Angeles. With approximately 620 units currently in various stages of construction and development, representing over $200 million in total development costs, the company has demonstrated both velocity and vision in scaling its platform. "We've moved swiftly to assemble a pipeline in some of the city's most competitive submarkets," said Sabin Burrell, Principal at Passo. "This momentum reflects not only our team's capability but also our unwavering commitment to addressing Los Angeles's critical housing shortage through strategic, high-impact development." Passo's growth is backed by renowned institutional investors, reinforcing the company's capacity to deliver at scale and meet ambitious development goals. The firm's investment thesis centers around creating high quality, affordable housing in previously inaccessible neighborhoods, where Passo's tenancy will have greater access to economic opportunity. With each development, Passo will begin to satiate the overwhelming demand for attainable housing in neighborhoods where every Los Angeles resident would love to live, work, and play. "At Passo, we're building more than just housing," said Simon Aftalion, Principal at Passo. "We're focused on creating dignified, high-quality communities in neighborhoods where people want to live — not just where affordability has historically forced them to go. It's about shifting the narrative around affordable housing." Daniel Glimcher, also a Principal at Passo, added, "We named our company Passo, because Passo means 'step.' Too often affordable housing developments are only permitted in areas that are less desirable, less safe, and provide less economic mobility for the tenants of those developments. At Passo, we aim to break that cycle by building in locations surrounded by employment centers, so we can help our tenants take the first step to economic independence and prosperity." With Eight projects underway and more on the horizon, Passo continues to lead by example and redefine what's possible in the affordable housing space — proving that mission-driven development. ABOUT PASSO Passo is a Los Angeles-based real estate development and investment firm committed to delivering high-quality, affordable housing that addresses the city's urgent and growing needs. Passo is actively contributing to the future of housing in some of the most desirable neighborhoods across Los Angeles. Our work focuses on thoughtfully designed projects that bring lasting, affordable communities to life in highly desirable neighborhoods. By building where people want to live, we enhance the urban fabric of Los Angeles and promote both social and economic growth for our residents. Supported by leading institutional capital partners and a top-tier team of architects, engineers, and construction professionals, Passo is redefining what affordable housing can achieve. Our approach emphasizes quality, sustainability, and long-term community impact. We are not only building housing; we are building pathways to opportunity. View source version on Contacts John Hynesjh@ Sign in to access your portfolio
Business Wire
17-06-2025
- Business
- Business Wire
Passo Expands Portfolio with Acquisition of Three Prime West Los Angeles Sites for Affordable Housing Development
LOS ANGELES--(BUSINESS WIRE)--Passo, a Los Angeles-based affordable housing development and investment firm, today announced the acquisition of three additional sites in the Westwood and Sawtelle neighborhoods of West Los Angeles. These additions to Passo's rapidly expanding portfolio illustrate Passo's continued commitment to developing high-quality, affordable multifamily housing in the city's most sought-after neighborhoods. 'We've moved swiftly to assemble a pipeline in some of the city's most competitive submarkets,' said Sabin Burrell, Principal at Passo. Founded in early 2024, Passo has quickly emerged as one of the most prolific developers of affordable housing in Los Angeles. With approximately 620 units currently in various stages of construction and development, representing over $200 million in total development costs, the company has demonstrated both velocity and vision in scaling its platform. 'We've moved swiftly to assemble a pipeline in some of the city's most competitive submarkets,' said Sabin Burrell, Principal at Passo. 'This momentum reflects not only our team's capability but also our unwavering commitment to addressing Los Angeles's critical housing shortage through strategic, high-impact development.' Passo's growth is backed by renowned institutional investors, reinforcing the company's capacity to deliver at scale and meet ambitious development goals. The firm's investment thesis centers around creating high quality, affordable housing in previously inaccessible neighborhoods, where Passo's tenancy will have greater access to economic opportunity. With each development, Passo will begin to satiate the overwhelming demand for attainable housing in neighborhoods where every Los Angeles resident would love to live, work, and play. 'At Passo, we're building more than just housing,' said Simon Aftalion, Principal at Passo. 'We're focused on creating dignified, high-quality communities in neighborhoods where people want to live — not just where affordability has historically forced them to go. It's about shifting the narrative around affordable housing.' Daniel Glimcher, also a Principal at Passo, added, 'We named our company Passo, because Passo means 'step.' Too often affordable housing developments are only permitted in areas that are less desirable, less safe, and provide less economic mobility for the tenants of those developments. At Passo, we aim to break that cycle by building in locations surrounded by employment centers, so we can help our tenants take the first step to economic independence and prosperity.' With Eight projects underway and more on the horizon, Passo continues to lead by example and redefine what's possible in the affordable housing space — proving that mission-driven development. ABOUT PASSO Passo is a Los Angeles-based real estate development and investment firm committed to delivering high-quality, affordable housing that addresses the city's urgent and growing needs. Passo is actively contributing to the future of housing in some of the most desirable neighborhoods across Los Angeles. Our work focuses on thoughtfully designed projects that bring lasting, affordable communities to life in highly desirable neighborhoods. By building where people want to live, we enhance the urban fabric of Los Angeles and promote both social and economic growth for our residents. Supported by leading institutional capital partners and a top-tier team of architects, engineers, and construction professionals, Passo is redefining what affordable housing can achieve. Our approach emphasizes quality, sustainability, and long-term community impact. We are not only building housing; we are building pathways to opportunity.
