Los Angeles, California--(Newsfile Corp. - May 2, 2023) - VF Developments, LLC, a minority and female owned and run company, has reintroduced "900 West College" a 1969 built modern style 10-unit multifamily community to the highly desirable Chinatown area in downtown Los Angeles, California, after completing major renovations. VF Developments, LLC also recently refinanced with a top 20 national bank the acquisition bridge loan used to acquire and renovate the community.
VF Developments, LLC, in joint venture with private investors in March 2020, acquired the Los Angeles multifamily property located at 900 West College Street, Los Angeles, California with the plan of repositioning and adding capital improvements. VF Developments, LLC's improvements included enhancements to the exterior redesign to enhance the simple clean lines of modern architecture. These improvements include new exterior paint, landscaping with bright white rocks and succulents, and completely restored and upgraded interior finishes. This downtown Los Angeles community has ten spacious one, two-bedroom, and three-bedroom units. This modern two-story garden walkup is located in the Figueroa Terrace hillside and minutes to Chinatown and downtown Los Angeles.
The community is located the heart of Los Angeles, California and enjoys a short commute to the LA Fashion District, Staples Center, Disney Concert Hall, Chinatown and all the amazing dining and glamorous shopping that living in Los Angeles has to offer. Chinatown is one of L.A.'s most popular tourist destinations. Chinatown is experiencing a modern-day renaissance. From the hottest new restaurants to art galleries and Bruce Lee's former studio, Chinatown is a festive destination for dining and shopping. Pagoda-style buildings with red lanterns house traditional Chinese restaurants, dim sum houses and bakeries, plus specialty grocery stores and gift shops. There's also the Taoist Thien Hau Temple, small art galleries and dark bars. Foodies head to creative Asian-fusion eateries and the landmark Philippe the Original, lauded for its French dip sandwich.
Victoria Vu, a renowned designer and Managing Partner of VF Developments, LLC, and formerly a leading Halloween costume designer, carefully designed and restored the rental homes. The apartment homes are separately-metered, fully parked with ten onsite parking spaces and have central air conditioning. Creatively designed by the renowned LA designer, these high-quality rental homes feature keyless entry door locks to spacious one and two-bedroom floor plans with newly upgraded kitchen and bathrooms. The kitchen boasts sparkling white stone quartz countertops with brand new self-closing enhanced cabinetry and high-end stainless-steel Whirlpool refrigerators with matching gas cooktop with oven and microwave. Each rental home has porcelain tiled bath tubs and glass shower doors with oversize vanity mirror and also includes central A/C cooling and heating with recessed lights with luxury style remote control blinds and distressed wood plank floors. The washer and dryer facility is on-site.
After three long years, Los Angeles County's COVID emergency ended on March 31. L.A. County's COVID-19 emergency tenant regulations have given 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, "We are excited to complete the renovations on another Chinatown community and provide much needed affordable housing to the city of Los Angeles. We recently completed the reposition on two other Chinatown area communities, 920 Everett Street and 701 N Hill Place, and look to expand our presence in the area. As a first generation American we strive to enhance the communities around us and create modern living spaces for our residents. 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, head of maintenance and renovations for VF Developments added, "America is truly the land of opportunity. As a refugee who fled Viet Nam during the war on a handmade raft with my family, it's unbelievable that I now managed 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 39 properties and 242 units. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164273