Leading a private market effort to achieve quality interim housing through adaptive reuse.
Project Goal
In partnership with private owner, we applied our adaptive reuse experience to transform a vacant 4 unit apartment building into an emergency shelter in Koreatown. Under prior ownership, this building was used for illegal short-term rentals which lower housing supply and increase rental costs. Our goal was to provide critically needed interim housing supply at a reduced cost compared to new construction.
Challenges
Developing a cohesive interim facility from four individual units presented a challenge. Creating a space that is client centered while supporting the needs of the Operator/ Service Provider was our ultimate goal with this project. The building location provides for many neighborhood amenities however outdoor space on the site was limited which required a creative approach to include open space within the premises. In addition, we began our entitlement and construction phases prior to the passage of ED1; which presented a more challenging and arduous permitting process.
Solutions
DAECO conducted a feasibility assessment including due diligence of the site to examine the conditions of the major building systems along with the framework for the necessary building upgrades and code requirements for an interim housing shelter. Our team also developed a schematic design to include trauma informed design principals, maximizing outdoor space and incorporating necessary ADA and Fire-life safety features. DAECO along with ownership, engaged an architect and engineers to entitle the site and led the construction process to produce a cohesive site with case management offices & break room, private outdoor space and designated smoking area.
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.
