Projects
Transformig Properties
Our dedication to transforming properties and creating value is evident in every project we undertake. At EQM Real Estate, we are committed to delivering exceptional results and fostering strong partnerships.
6958 Woodman Avenue – 23-Unit Multifamily Building
6958 Woodman Avenue is a 23-unit multi-family project acquired in 2021. The property features a diverse unit mix, including 16 two-bedroom, two-bathroom units, with 14 designed as two-story townhouses, providing a unique alternative in the marketplace. Additionally, the building comprises 4 one-bedroom, one-bathroom units, 2 bachelor units, and 1 three-bedroom, two-bathroom unit.
​
Upon acquisition, the strategy was to modernize each unit to contemporary standards, enhance the pool area with a new poolside surface, and transform the first-floor garden area into a deck lounge to complement the pool. The exterior of the building was also completely overhauled. A cash-for-keys strategy was employed to vacate units, resulting in 17 of the 23 units being successfully vacated and subsequently renovated to top-of-the-market standards.
​
The project achieved a more than 20% increase in pro forma rental rates compared to initial underwriting. The acquisition bridge debt has been retired, and the project now benefits from fixed-rate financing, providing stable cash flow to the partnership.
6708 Willoughby Avenue – 9-Unit Multifamily Building
6708 Willoughby Avenue is a 9-unit multi-family project acquired in 2022. The property features a garden-style layout with two buildings. At acquisition, the project comprised 7 existing units with 2 permitted ADU units.
​
Since acquisition, the entire exterior of both buildings has been transformed. Five of the seven existing units have been renovated to luxury standards and leased at rates above initial underwriting. The two ADU units have also been completed and leased.
​
The project is currently being marketed for sale. Additionally, the partnership is exploring fixed-rate permanent financing options to provide stable cash flow.
10727 South Central Avenue – 44 Unit Ground up Affordable Housing Project
This ground-up project encompasses the development of a four-story building, housing 45 one-bedroom, one-bathroom units, all fitting within an 8,800 square-foot parcel of land. Conveniently located next to the LA County Department of Public Social Services and the Maxine Waters Employment Center, the location of the future development is ideal for affordable housing for the foreseeable future.
​
Our project stands to benefit immensely from an array of City, State, and Federal incentives. These advantages will not only facilitate a swift permitting process but also allow us to maximize density without the traditional constraints of parking requirements. Additionally, our leasing strategy primarily targets government-sponsored tenants.
​
This project is currently in the planning and permitting process, and we are awaiting City approval to begin construction.
4724 Figueroa Avenue – 44 Unit Ground up Affordable Housing Project
This ground-up project encompasses the development of a four-story building, housing 45 units comprised of 22 one-bedroom, one-bathroom units, and 23 studio units situated on an 8,100 square-foot parcel of land. Conveniently located next University of Southern California, the LA Coliseum, and the BMO Stadium, the location of the future development is ideal for affordable housing for the foreseeable future.
​
Our project stands to benefit immensely from an array of City, State, and Federal incentives. These advantages will not only facilitate a swift permitting process but also allow us to maximize density without the traditional constraints of parking requirements. Additionally, our leasing strategy primarily targets government-sponsored tenants.
​
This project is currently in the planning and permitting process, and we are awaiting City approval to begin construction.
