theCRAFT


Purchase Date Purchase Price Total Investment Total Return
September 2018 $1,367,000 $700,000 193%

Results as of March 31, 2019 - Past performance and statements regarding earnings are no guarantee of future results.

INVESTMENT DRIVERS

  • 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.

RESULTS

  • 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.