VF Developments Completes Renovations and Begins Lease-Up on the 2000s Built Modern Style Multifamily Community in the Chinatown area of Los Angeles, California

Los Angeles, CA (March 25, 2023) VF Developments, LLC, a minority and female-owned and run company, has reintroduced “920 Everett,” a 2000s-built modern-style six-unit multifamily community property, to the highly desirable Victor Heights neighborhood in Los Angeles, California, after completing major renovations. Victor Heights is a hillside area north of the city of Los Angeles and near Chinatown, with sweeping views of downtown LA.

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 Los Angeles. It is east of Echo Park, northeast of Angeleno Heights, southwest of Elysian Park, and northwest of Chinatown. A mid-century office building designed by William Pereira has been turned into 91 luxury live/work suites and two-story penthouses. It is right across the street from Everett Park and near The Elysian. Victor Heights is between Sunset Boulevard and Chinatown on the east, the 110 freeway and Stadium Way on the north, and Marview Avenue and the Pacific Ocean on the west.

In January 2020, VF Developments, LLC, bought the Los Angeles multifamily property at 920 Everett Street, Los Angeles, California, in partnership with a private investor. The goal was to reposition the property and make capital improvements. When it was first built in 2000, the building was redesigned by VF Development to emphasize the simple, clean lines of modern architecture. These improvements include a new wood exterior facade, new paint on the exterior, landscaping with bright white rocks and succulents, and completely restored and upgraded interior finishes.

Victoria Vu, a well-known designer and managing partner of VF Developments, LLC, who used to be one of the best Halloween costume designers, designed and fixed up the rental homes with care. All units have stunning views of the downtown LA skyline. These luxury rental homes feature keyless entry door locks, spacious two-bedroom floor plans, and 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 cooktops, ovens, and microwaves.

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 (very walkable), so most errands can be accomplished on foot. This location is in the Greater Echo Park Elysian neighborhood of Los Angeles. Nearby parks include Everett Park, Vista Hermosa Park, and Alpine Park.

After three long years, Los Angeles County’s COVID emergency will end on March 31. L.A. County’s COVID-19 emergency tenant regulations have given low-income tenants protections in eviction court if they can’t pay rent on time due to economic harms brought on by the pandemic. But those tenants will have to pay their April rent on time or face eviction. For rent owed from March 1, 2020, to September 30, 2021, tenants must pay by August 1, 2023, and for rent owed from October 1, 2021, to January 31, 2023, tenants must pay by 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 provide much-needed affordable housing to the city of Los Angeles. After March 31, we look to get ‘back to normal’ in LA, where residents must begin paying rent again to not continue the significant harm to owners who must make their mortgage payments with little to no relief from their lenders.”

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, it’s 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 was entirely made up of 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 is a company that is owned and run by minorities and women. Since 2015, the company has bought 39 properties with 242 units for a total of over $69 million. VF Developments wants to make sure that neighborhoods in Los Angeles and Orange County that are getting nicer have Class-A building designs and finishes at market rents that people can afford.VF prides itself on 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 takes care of a lot of different tasks, like finding unique, off-market opportunities, syndicating properties, overseeing renovations, and using unique architecture and interior compositions to turn distressed properties into modern, ready-to-sell homes and apartment communities.VF seeks value-add investment opportunities and creates significant value for clients and investors.

VF Developments is a small business that buys, fixes up and manages multifamily properties in Los Angeles and Orange Counties. The company targets underperforming 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.

Victoria V. Vu
Victoria_vfd@icloud.com
310.901.1189
https://instagram.com/vfdevelopments