- Attractive unit mix of large units, mostly 2 bedroom / 1 bathroom configurations.
- Significant upside opportunity available through repositioning and renovation of the asset to appeal to the Millennial tenant.
- Improving geographic location two and one-half blocks from the University of Southern California campus. Within 2 miles of Downtown Los Angeles and Koreatown employment centers. Three blocks to the Metro Exposition Line, providing access to Downtown L.A. and Santa Monica.
- Improved rents from less than $450 per bed per month to over $1,000 per bed per month. Total gross income was increase by 216%.
- Following tenant relocation, renovations were completed over a 45 day period, and the property was fully rented within 70 days from start of work.
- Down-to-the-studs renovation that included modernization of major building components and replacement of all major systems, including all plumbing and electrical. Property further improved with addition of modern HVAC systems, new kitchen and bathroom cabinetry and fixtures, new windows and doors.
- Refinancing currently underway – anticipated to return 75% of initial investment capital.