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Cypress Equity plans 176-unit complex in Echo Park
Firm’s second multifamily development project in LA this year
Cypress Equity Investments has filed plans for its second multifamily project of the year in Los Angeles.
The firm wants to build a 176-unit apartment complex at 2217-2235 West Sunset Boulevard in Echo Park. Plans were filed with the Department of City Planning. Amenities would include a pool, gym, co-working space, and a roof deck.
The development site comprises mostly small residential and commercial buildings, as well as a vacant lot. The firm purchased the parcels with TriWest Development in two transactions in February, totaling $17.6 million.
The two companies could not be immediately reached for comment.
Cypress wants to take advantage of entitlements available through the city’s Transit Oriented Communities program. It allows builders to exceed density limits under existing zoning in exchange for reserving a percentage of units for low-income renters.
Cypress does not indicate in its filing how many units would be affordable, but the minimum under the program is 10 percent.
In August, Cypress filed plans for a 128-unit development in Pico-Union. All of those units are planned as affordable.