Redefining Affordable Housing | Student Housing Investment

Interview

Key Takeaways

A policy window is creating a genuinely new development model:

Mayor Bass' Executive Directive 1 — signed two days after inauguration — and its successor AHIP have together unlocked buy-rights approvals guaranteed within 60 days, density bonuses that can quintuple allowable units, zero parking requirements, and LADWP's Project Powerhouse program that brings utilities to the door at the city's expense. These benefits are diametrically opposite to the capital-A affordable model most investors associate with the sector.

Vertical integration is the core competitive advantage:

Angeleno controls every stage in-house — acquisitions, design, entitlement, construction management, and asset management — underpinned by a proprietary database that has digitized every parcel in Los Angeles County. Rather than reacting to broker deals, the firm designs a standardized prototype, identifies every lot where it pencils, and goes directly to sellers. The result is a programmatic, repeatable execution model that compresses timelines and eliminates one-off underwriting risk.

Structural demand and below-market positioning create durable occupancy:

Angeleno targets areas of higher opportunity — B/B+ locations near transit, parks, quality schools, and employment — where fair market rents run 10–15% above the HUD-restricted rents in their buildings. That discount is compelling for income-qualified tenants (including six-figure earners at 80–120% AMI) and voucher holders alike. Industry vacancy for this product across Los Angeles runs approximately 2.5%; Angeleno underwrites a conservative 5%.

The return stack is built on cost efficiency, not subsidy:

Angeleno builds at approximately $300,000 per unit — roughly half what the city spends and well below the $500,000+ market value per unit. A welfare tax exemption, structured through a nonprofit partnership and state agency grant, removes approximately 90% of property tax, driving operating expenses into the low 20% range versus the low 30% typical for market-rate multifamily. The resulting unlevered yield on cost ranges from 7.25–7.5% at covenant rents to 9%+ with voucher tenancy and modest rent trending.

The

Angeleno

Team

Brandon Hance - Chief Executive Officer

Brandon Hance leads Angeleno as Chief Executive Officer, overseeing strategy, finance, and operations for the firm. Before entering real estate development, he was a two-time tech entrepreneur who successfully sold his first business to Platinum Equity Partners and The Gores Group, and his second business to Zazzle. His background in building and scaling technology companies informs Angeleno's data-driven, systems-oriented approach to affordable housing development.

Beyond his professional achievements, Brandon serves as Chairman of the Los Angeles chapter of Gen Next — a network of leaders focused on tackling generational challenges in economic growth, education, and global security. A long-time resident of Los Angeles, he graduated from the University of Southern California, where he was a quarterback on the two-time national championship football team.

George Spadier - Head of Capital Markets

George Spadier serves as Managing Partner and Head of Capital Markets for Angeleno, where he leads the structuring and execution of debt and equity transactions across thefirm’ s platform. With over 15 years of experience in commercial real estate finance, George has closed billions of dollars in capital transactions across multiple asset types.Prior to joining Angeleno, George served as a Managing Director at Berkadia’s Los Angeles office and spent six years at a Los Angeles-based mortgage banking firm as a topproducer, arranging financing nationwide. Earlier, he was at PennyMac during the Global F inancial Crisis, supporting pricing and asset management for a multi-billion- dollar non-performing loan portfolio.

Sterling Jawitz - Chief Investment Officer

Sterling Jawitz serves as Chief Investment Officer and leads development for Angeleno. With over 15 years of experience in the real estate sector, Mr. Jawitz has spearheaded morethan 200 acquisitions, developments, and redevelopments across multifamily, office, retail, self-storage, hospitality, seniors housing, and student housing. His experience spans bothownership and operational roles, including the negotiation of lease agreements, management contracts, public partnerships, closings, and complex equity and debt structures.In addition to his transactional experience, Mr. Jawitz has advised real estate technology companies, helping establish market presence and foster partnerships between prop-techfirms and property owners. He was the first employee and Head of Real Estate at Common Living Inc., focused on addressing affordable housing through innovative design andoperations.

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Angeleno

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