After Lengthy Eviction Moratorium, 920 Everett Street, a Newly Renovated Multifamily Property in the Chinatown Area of Los Angeles, California, Leases Up
Los
Angeles, CA (December 30, 2023) – VF Developments, LLC, a minority and female owned and run company, has leased up “920 Everett” a 2000s built modern
style multifamily property after completing major renovations. The community is located in the highly
desirable Victor Heights neighborhood in Los Angeles, California. Victor Heights is a hillside area just north
of the city of Los Angeles and near Chinatown with sweeping views of downtown
LA.
Victoria Vu,
a renowned designer and Managing Partner of VF Developments, LLC carefully
designed and restored the rental homes.
Ms. Vu was formerly a leading Halloween costume designer and is a graduate
of the prestigious Fashion Institute of Design & Merchandising. All units have stunning views of the downtown LA skyline. These
luxury rental homes feature keyless entry door locks to spacious two-bedroom
floor plans with newly upgraded kitchens and bathrooms. The kitchens boast
white stone quartz countertops with brand new self-closing cabinetry and
high-end stainless-steel Whirlpool refrigerators with matching gas cooktop with
oven and microwave. Bathrooms have been enhanced with new bathtubs and glass
shower doors. The apartment homes are separately metered with 10 onsite parking
spaces. 920 Everett Street has a Walk Score of 87 out of 100 - a Very Walkable
location so most errands can be accomplished on foot. This location is in the Greater Echo Park
Elysian neighborhood in Los Angeles.
This downtown Los Angeles modern
two-story garden walkup in Victor Heights has six spacious two-bedroom two bath
units. Victor Heights is a small
hillside neighborhood in downtown LA located east of Echo Park, northeast of
Angeleno Heights, southwest of Elysian Park, and northwest of Chinatown.
Located just down the street from Everett Park and around the corner from The
Elysian, a William Pereira-designed mid-century office building repurposed and
transformed with 91 luxury live/work suites and two-story penthouses. Victor
Heights is bounded by Sunset Boulevard on the south, 110 freeway and Chinatown
on the east, Stadium Way on the north, and Marview Avenue on the west. A video of the community and location can be
seen here - https://www.youtube.com/watch?v=I3RowFLnvR4&t=20s
VF
Developments, LLC acquired the Los Angeles multifamily property located at 920
Everett Street, Los Angeles, California with the plan of repositioning and
adding capital improvements. Originally built in 2000, VF Development's improvements
included enhancements to exterior redesign to enhance the simple clean lines of
modern architecture. These improvements include new wood exterior façade, new
exterior paint, landscaping with bright white rocks and succulents and
completely restored and upgraded interior finishes.
After three long years, Los Angeles
County’s COVID emergency ended on March 31, 2023. L.A. County’s COVID-19
emergency tenant regulations gave low-income tenants protections in eviction
court if they couldn’t pay rent on time due to economic harms brought on by the
pandemic. But those tenants had to pay their April rent on time — or face
eviction. For rent
owed from March 1, 2020 to September 30, 2021, tenants were required to pay back
due rent by August 1, 2023 and for rent owed from October 1, 2021 to January
31, 2023, tenants must pay by this February 1, 2024.
Victoria
Vu commented, “As a first generation American we strive to enhance the
communities around us and create modern living spaces for our residents. We are
excited to complete the renovation on 920 Everett Street, bring the property to
market, and lease it up to provide much needed affordable housing to the city
of Los Angeles. We also plan to build an ADU (accessory dwelling unit) in the
large parking area with a very affordable rent. Although it’s unfortunate to go through
evictions, we look to get ‘back to normal’ in LA now that the eviction
moratorium has finally ended after three long years and residents must begin
paying rent again. The eviction
moratorium caused significant harm to owners who had make their mortgage
payments with little to no relief from their lenders. Although the state promised reimbursement
funds such as the Housing is Key program to cover the delinquent rents, many
tenants either did not apply or were not qualified to receive rent funding and
were denied.”
Kim
Vu added, “America is the land of opportunity.
As a refugee who fled Viet Nam during the war on a raft with my family,
its surreal that I am now managing a major apartment renovation in the
Chinatown area of Los Angeles. The team
that completed the renovations on the exterior of the building and interiors of
the units were entirely locally based minority vendors, employees, and
contractors. We are proud to create jobs in the Chinatown area for minorities, significantly
improve the community, and provide more affordable housing.”
About VF Developments:
VF Developments, minority
and female owned and run company, has acquired over $69 million in multifamily
properties since 2015 totaling 40 properties and 256 units with many around USC
and Downtown LA. VF Developments strives to provide neighborhoods in
gentrifying areas of Los Angeles and Orange County Class A building design
finishes at accessible and affordable market rents to future tenants. VF prides
itself with the opportunity to create modern living to add value to its
communities. With properties ranging from condominiums to
multifamily residences in gentrifying areas throughout the greater Los Angeles
area and Orange County region. VF manages a multitude of processes including
finding unique, off market opportunities, syndicating properties, overseeing
renovations, and using unique architecture and interior compositions
transforming distressed properties into contemporary, market-ready homes and
apartment communities. VF seeks value add investment opportunities and creates
significant value for clients and investors. VF Developments is an
entrepreneurial company specializing in acquiring, renovating, and managing
multifamily properties in Los Angeles and Orange Counties. The company targets under-performing and
mismanaged multifamily properties in gentrifying areas of these counties. VF
also completes significant renovations that modernize and transform dated
properties into cutting edge, high quality, best in class living environments -
ultimately creating substantial value enhancement for its investors. Videos of the stunning communities can be seen
here - https://www.youtube.com/@vf-developments
Victoria V. Vu
310.901.1189
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