The new owner will build accessory dwelling units at the property in order to further preserve its affordability.

The Housing Authority of the City of Los Angeles is buying the 154-unit Emerald Apartments for nearly $50 million.

One of the nation’s largest public housing authorities has grown even bigger, snagging an apartment complex in Downtown L.A. that it plans to re-designate as affordable housing.

In July, the City Council approved 670 Mequit, a $1.4-billion complex intended to have apartments, offices, a hotel, a ...