PHOENIX, August 23, 2025 — Western Alliance Bank today announced the grand opening of Serenity, a new residential project in South Los Angeles, supported in part by construction-to-permanent financing provided by Western Alliance’s Affordable Housing Finance Group in partnership with R4 Capital Funding.
Western Alliance invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the affordable, age-restricted, mixed-use residential project, which includes a retail component.
The property was co-developed by John Stanley Inc. and Concerned Citizens Community Involvement. Additional funding was provided through federal and state tax credit equity from R4 Capital and soft loans from the city of Los Angeles via Proposition HHH and the HOME Investment Partnerships Program.
“This project came together through a remarkable public-private partnership to create additional affordable housing options for an aging population in South Los Angeles,” said Philipp Smaczny, managing director of Affordable Housing Finance for Western Alliance Bank. “We are proud to play a role in bringing this important resource to the Manchester Square area, along with other organizations that are equally committed to making housing available to more people in our communities.”
Formerly known as Southside Seniors, the new residences are located at 1623 W. Manchester Ave., on the former parking lot of Southside Church of Christ. The land is provided through a land lease from Southside Church, which first envisioned the project two decades ago.
“This faith-based and public-private partnership is unique in that the new construction multifamily apartment project is providing low-income and permanent supportive housing for seniors in the community,” said Saki Middleton, founder and president of John Stanley Inc. “Our seniors are the most vulnerable group when it comes to affordable housing. The project aims to provide relief from the displacement and housing costs seniors experience.”
The five-story, elevator-serviced building includes 50 studio and one-bedroom units for individuals aged 62 and older, with incomes at or below 30% to 60% of the Los Angeles County area median income (AMI). Public areas include a lounge, courtyard with a barbecue area, kitchen, computer lab, gym and laundry facilities. The project also includes 1,600 square feet of ground-floor commercial space and a 100-car, two-level garage that will also serve the church’s parking needs.
Thirty-six units are designated for homeless and chronically homeless seniors. Nine units are reserved for individuals who require mobility accommodations, and five are equipped for those with hearing/vision disabilities. One unit is reserved for an on-site manager. St. Joseph Center provides supportive services for residents, with referrals through Los Angeles County’s Coordinated Entry System (CES).