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Seachange Partners starts 37-unit parking-free affordable complex in LA's Palms

Seachange Partners starts 37-unit parking-free affordable complex in LA's Palms

Built World Los Angeles, CA local

New firm replaces a 17-unit market-rate plan with a larger all-affordable building on the same site

Yesterday: Wood framing underway at Delmas Terrace

Overview

Updated 1 hour ago

Wood framing is rising at 3751 S. Delmas Terrace in Los Angeles's Palms neighborhood, where Seachange Partners is building 37 apartments for low- and moderate-income renters. The five-story building has no on-site parking.

It replaces an approved 17-unit market-rate plan; the site sold for $1.5 million in 2025. Seachange, founded in 2024 by two ex-Lowe executives, is building a near-identical twin in the Sawtelle neighborhood, backed by $15.6 million in construction financing.

Why it matters

Dropping parking to add units is how LA is adding affordable homes; this project turns 17 market-rate units into 37 affordable ones.

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Key Indicators

37
Units under construction at Delmas Terrace
One- and two-bedroom apartments set aside for low- and moderate-income renters.
0
On-site parking spaces
The building is parking-free, permitted under density bonus incentives.
$15.6M
Construction financing for both Seachange projects
Non-recourse loan arranged by Berkadia and funded by Genesis Capital.
79
Combined units in Delmas and Sawtelle buildings
Two near-identical five-story, deed-restricted projects.
4
Seachange affordable projects in LA
Developments initiated by the firm in the greater Los Angeles area since founding.

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People Involved

KJ
Kyle Jenkins
Co-founder, Seachange Partners
Leading the firm's first two affordable projects in Los Angeles
CW
Cameron Whiting
Co-founder, Seachange Partners
Overseeing development of the Delmas and Corinth projects
KR
Keith Rosso
Managing Director, Berkadia
Arranged the $15.6 million construction loan for Seachange's two projects

Organizations Involved

SP
Seachange Partners
Real estate developer
Building its first two affordable projects in Los Angeles

Los Angeles-based developer focused on ground-up affordable housing.
Berkadia
Berkadia
Commercial real estate services firm
Arranged construction financing for Seachange's first two projects

A joint venture of Berkshire Hathaway and Jefferies Financial Group providing mortgage banking and investment sales services.
AB
Aaron Brumer & Associates
Architecture firm
Designed the Delmas and Sawtelle buildings

Architect of the two near-identical five-story Seachange buildings.
LO
Lowe
Real estate company
Former employer of Seachange's founders

Real estate company where Jenkins and Whiting were vice presidents before founding Seachange.

Timeline

2024 October 2026

4 events Latest: Yesterday
Tap a bar to jump to that date

  1. Wood framing underway at Delmas Terrace

    Latest Construction

    The 37-unit, parking-free building takes shape just north of Venice Boulevard in Palms.

  2. Berkadia arranges $15.6M construction loan

    Financing

    Non-recourse financing secured for the Delmas and Sawtelle projects through lender Genesis Capital.

  3. Delmas site sells for $1.5 million

    Transaction

    The property changes hands after a 17-unit market-rate project on the site was approved.

  4. Seachange Partners founded

    Milestone

    Kyle Jenkins and Cameron Whiting launch the affordable housing developer in Los Angeles.

Scenarios

1

Seachange completes both buildings on schedule in 2027

Likely Resolves by End of 2027

Discussed by: Berkadia's June 2026 announcement; Seachange's stated completion target

Construction financing closed in mid-2026 with no reported obstacles. If labor and materials hold, both the Delmas and Corinth buildings reach occupancy in 2027, adding 79 deed-restricted affordable units to the market.

2

Delays push Delmas completion into 2028

Possible Resolves by End of 2027

Discussed by: Urbanize LA's construction progress reporting

Five-story wood-frame builds in Los Angeles often slip on labor shortages, change orders, or financing draws. A delay past the 2027 target is the main downside risk for the project.

3

Seachange launches a fifth LA affordable project

Possible Resolves by Q2 2027

Discussed by: Seachange's stated mission; its four initiated projects

The firm says it pursues urban infill developments near transit across Los Angeles. Success on the first two projects would support additional financing; a fifth site announcement would confirm the model is scalable.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

April 2012

Expo Line arrives in Palms (2012)

Metro's Expo Line Phase 1 opened in April 2012, running light rail from downtown Los Angeles to Culver City with a stop in Palms. The line runs within blocks of the Delmas Terrace site.

Then

The corridor became a preferred location for apartment developers.

Now

Rail access made Palms a target for transit-oriented infill, including the density-bonus projects now under construction.

Why this matters now

The Delmas building's no-parking, transit-adjacent design depends on the rail line that arrived in 2012.

2017

LA's Transit Oriented Communities program (2017)

The Los Angeles City Council adopted the Transit Oriented Communities program, offering developers extra density and reduced parking near transit in exchange for affordable units. The earlier 17-unit plan for the Delmas site used these incentives.

Then

Developers used the incentives to build larger projects with fewer parking spaces.

Now

The program became a main engine for affordable units in Los Angeles.

Why this matters now

The density bonus that lets Seachange build 37 units instead of 17 rests on this program.

2022

California ends parking minimums near transit (2022)

Assembly Bill 2097, signed in September 2022, barred cities from requiring minimum parking for projects within half a mile of transit. It took effect in January 2023.

Then

Developers could build parking-free housing in transit zones statewide.

Now

The law removed a major cost barrier to infill apartments.

Why this matters now

The Delmas building's zero-parking design is possible under this state rule.

Sources

(3)
+1
Urbanize LA Press release via Berkadia YIMBY