Current Projects
821-825 W 167TH ST REDEVELOPMENT
Gardena, CA
Project Overview:
Located in the thriving Gardena submarket, this 20-unit multifamily property is undergoing a complete repositioning to achieve the investor’s goals. Plans include the addition of 2 ADUs at the front of the property, replacing existing garages, which will bring the total unit count to 22. The parking layout will also be redesigned to optimize the use of available space, ensuring that each unit is provided with a dedicated parking spot.
Currently fully occupied, the property will undergo a strategic cash-for-keys program led by specialists to transition tenants paying below-market rents. Once vacant, units will be renovated and leased to Section 8 tenants, offering higher-than-market rents with the security of guaranteed monthly payments.
After stabilizing the property, enhancements will be made to the building’s exterior, elevating its aesthetic appeal. This repositioning strategy is designed to maximize the property's value, culminating in a profitable sale upon stabilization.
Project Highlights:
$3.05M acquisition ($152K/unit)
$7M+ exit valuation after repositioning 22 units; 24 beds / 24 baths
Architect: VBA Design Group
BREED REDEVELOPMENT
Boyle Heights, CA
Project Overview:
Perched in the vibrant neighborhood of Boyle Heights, this 24-unit multifamily building is undergoing a full repositioning by utilizing a multi-prong investment approach to maximize this property’s potential The fully occupied building will be renovated over time and leased up to Section 8 tenants. In addition, 6 ADUs are being planned for to replace carports that are mandated to undergo soft-story retrofit. Parking is being redesigned around the building to accommodate 23 parking spaces. Upgrades to the property include central AC to each unit, plush landscaping, EV charging stations, in-unit washer/dryer, assigned covered parking and technology offerings such as keyless entry, Nest thermostats and security cameras and sensors.
Project Highlights:
$3.6M acquisition ($150K/unit)
$7.5M+ exit valuation after repositioning 30 units; 33 beds / 33 baths
Architect: VBA Design Group
AARON DEVELOPMENT
Los Angeles, CA
Project Overview:
Situated in the highly-sought area of Echo Park, this hillside lot calls for a 5-unit development with 3 buildings: a single-family, a duplex and a duplex ADU. This project will have to undergo grading review as it sits on a hillside. However, this provides for great views within each of the units. The modern architecture fits well with the redevelopment of the neighborhood and will provide for great amenities for future residents. This project is currently under construction and delivery of the project is slated for May 2025. Once complete, it will offer residents with over 16 bedrooms/17 bathrooms of living area.
Project Highlights:
Architect: RS Design Group
Contractor: Residential Alchemists
$3.5M Total Project Cost
WESTMORELAND REDEVELOPMENT
Koreatown, CA
Project Overview:
Situated in a tranquil yet vibrant street of Koreatown, this 10- unit multifamily building is undergoing a full repositioning in order to achieve the team’s investment objectives. Nine out of the ten units are fully vacant and plans call to convert all of the units from 1 bed/1 bath units to 2 bed/2 bath units. In addition, two ground-up ADUs are slated for the rear parking lot that will be built on steel frames in order to accommodate parking for all tenants of this property. Upgrades to the property include central AC to each unit, plush landscaping, EV charging stations, in-unit washer/dryer, assigned covered parking and technology offerings such as keyless entry, Nest thermostats and security cameras and sensors.
Project Highlights:
$2.58M acquisition ($258K/unit)
$6M+ exit valuation after repositioning
12 units; 24 beds / 24 baths
Architect: VBA Design Group
VICTORIA PARK DEVELOPMENT
Los Angeles, CA
Project Overview:
The previous delipidated duplex has been torn down to make space for a 4-unit ground-up development. Plans call for 2 buildings: a single-family + attached ADU front building and a single-family + attached ADU rear building. The project is in a methane zone and will need methane mitigation measures during construction. The project is utilizing by-right zoning to allow it to build 3-story units to take advantage of the Hollywood Hill views. This 13-bedroom/13- bath project is currently under construction and is slated to be completed in August 2024. The project will be refinanced and kept as part of Elite’s long-term portfolio.
Project Highlights:
Architect: RS Design Group
Contractor: Residential Alchemists
$2.6M Total Project Cost
CRENSHAW DEVELOPMENT
Los Angeles, CA
Project Overview:
The current single-family home has been torn down to make space for a 6-unit ground-up development. Plans call for 3 buildings: a single-family home, a duplex and a duplex with an attached ADU. The project is in a methane zone and will need methane mitigation measures during construction. The project is utilizing by-right zoning to allow it to build 3-story units. This 21- bedroom/19-bath project is under construction and is slated to be completed in June 2025. The project will be sold to take advantage of the hot market demand in this submarket.
Project Highlights:
Architect: RS Design Group
Contractor: Residential Alchemists
$3.5M Total Project Cost