Cypress Equity Investments and LWK Form Joint Venture to Pursue Workforce Housing Density Addition Strategy
This post was written and published on Jan 27, 2025
CEI and LWK Partnership Combines Development and Acquisitions Expertise to Add Density to Multifamily Assets
LOS ANGELES — BUSINESS WIRE — 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-add multifamily assets, are pleased to announce a strategic partnership to add density to value-add 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.
The partnership leverages CEI’s 20+ year Southern California multifamily development track record and LWK’s existing portfolio and expertise acquiring, improving and operating value-add multifamily assets in Los Angeles.
“We are excited to partner with LWK on this event-driven opportunity to address the shortage of multifamily housing throughout Los Angeles,” said Michael Sorochinsky, Founder and Chief Executive Officer of CEI. “With our experience in development and LWK’s acquisition expertise, existing portfolio, and team, we look forward to capitalizing on this legislative catalyst to deliver accessible housing units at scale.”
“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 in Los Angeles and throughout California.”
CEI and LWK aim to scale LWK’s existing portfolio from 200 units to a target of 5,000 multifamily units over the next 5 years.
About CEI
Since inception in 2001, CEI has managed 156 projects and 21,000 multifamily units throughout the US, with an emphasis on LA multifamily development. CEI’s developments represent over $13 billion in value. On average, CEI’s realized investments-to-date have returned an equity-weighted average IRR and equity multiple of 40.1% and 2.51x respectively. For more information, explore www.cypressequity.com.
About LWK
LWK is a Los Angeles based private equity firm focused on the acquisition and operation of value-add multifamily assets in Los Angeles. LWK targets undermanaged assets with multiple levers to create value through operational improvements, value-add renovations, and opportunities to add density via new unit development. LWK was founded in 2024 by Austin Nissly, Matt Carney, Matt Osborn and Andrew Altman. For more information, explore www.lwkpartners.com.
Media Contacts
Austin Nissly Matt Carney Mark Lecocq
724-809-9710 310-480-8325 312-804-7236
anissly@lwkpartners.com mcarney@lwkpartners.com mark@cypressequity.com