Cypress Equity Investments (CEI), an institutional multifamily developer and real estate investment company, and LightWell-Keystone (LWK), a real estate private equity firm focused on the acquisition and operation of attainable value-added multifamily assets, have formed a strategic partnership to add density to value-added workforce housing.
The strategy addresses the growing Los Angeles housing shortage by capitalizing on a recent state law that allows investors to add net new units to existing multifamily assets.
“We look forward to capitalizing on this legislative catalyst to deliver accessible housing units at scale,” said Michael Sorochinsky, founder and CEO of CEI.
“This new legislation is a significant development for housing in California, and one we are grateful to pursue alongside CEI, an industry leader,” said Austin Nissly, co-founder and partner of LWK. “The partnership allows us to add much-needed density to address the housing shortage
