Partnership between non-profit and private sectors to achieve quality housing through adaptive reuse.
Project Goal
In the City of Los Angeles there are an estimated 46,260 people who are homeless. Creating quality, supportive interim housing is critical to combatting the problem and transitioning this population back into communities. The goal of the project was to address the increase in homelessness on the Eastside, particularly among women and children who are more vulnerable to violence, domestic abuse and sexual assault.
Challenges
The site selected presented many valuable features along with challenges. The site was vacant for many years which resulted in deferred maintenance and required renovation of several major building systems. Also, overtime the building usage changed from hospital to medical offices; to properly address the physical needs of an interim shelter, many building improvements were made to produce a cohesive, functional interim shelter.
Solutions
DAECO worked with a private market investor to acquire the property with the intent to convert to interim housing through the adaptive reuse of the site. With ownership, we created a schematic design to renovate entire site and include critical program components such as case management offices, dining room and enhanced fire and ADA features. Our team was instrumental the construction process to ensure that elements needed to best serve this population were provided such as bathrooms suited for families, line of site for staff and indoor/outdoor community space for clients to enjoy.
The result is the largest interim housing facility on the Eastside that houses 72 women and children.
Special Assets
DAECO has extensive experience in non-traditional assets throughout the greater Los Angeles area. Our team is well versed in distressed assets and REO’s having conducted over 300 BPO’s for commercial lenders and sold over 16 lender owned properties. Our expertise includes Master Leasing and Non-Profit acquisitions for housing programs. This expertise translates to assisting investors in the private market that are focused on creating housing opportunities. Our clients also benefit from our in-depth knowledge in supportive housing and assisted living facilities (ARF’s & RFCE’s)
Buyer Representation
Our buyer representation services are best in class due to our ability to listen to our client’s needs, source opportunities from our network of owners/brokers and identify well-vetted options that match our client’s individual needs. DAECO is skilled in contract negotiations and has a proven track record of guiding our clients through competitive markets to present winning bids. Our experience representing sellers has helped inform and shape our offer presentations to achieve success for our buyers.
Seller Representation
In DAECO’s 18 years of real estate experience, we amassed significant experience in qualifying potential buyers, vetting offers and guiding our sellers through counteroffers and often-complicated escrow process. We offer our sellers a strong marketing campaign to advertise their assets, a large database of potential buyers & brokers and asset knowledge from our experience across many asset types (multifamily, mixed-use, commercial). Using our adaptive reuse experience, we can view assets for their potential beyond their current condition therefore our sellers can take full advantage of all market opportunities.
