|Purchase Date||Purchase Price||Total Investment||Total Return|
Results as of March 31, 2019 - Past performance and statements regarding earnings are no guarantee of future results.
ICG acquired theCRAFT, a five-unit multifamily building located three-quarters of a mile from the University of Southern California (USC) campus, in September 2018.
The property attracted ICG because of it's unique blend of a historic Craftsman-style duplex and newer three-unit apartment building.
The property was 100% occupied at purchase with total in-place rents of $6,386 per month.
Close proximity to the USC campus and inclusion in the university’s private patrol zone make it a highly desirable location for USC students to live
Favorable acquisition terms: $1,367,000 purchase price with 70% financing based on total purchase and construction costs.
Based on our experience in the USC market, we understood the possibility to more than double rental income if the property were updated and re-positioned to serve the student population.
Property is currently completing construction.
The property has been successfully pre-leased for the 2019-2020 school year, and we anticipate the project to be fully stabilized by August 1, 2019.
Total rental income increased 288% from $6,386 at time of purchase to $18,450.
Based on market metrics and recent activity, we anticipate the property to be valued at over $3,250,000 following stabilization.