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Foothill Glenn

Sylmar, CA

Acquired a poorly managed asset with heavy deferred maintenance and average rents of $1,100 per unit (21%) below market rates. The asset had the lowest rents in the submarket in comparison to similar Class "B" properties. Spent $6,000 per unit for interior renovation, specifically new kitchen cabinetry, ceramic tile countertops, laminate flooring as well as several other new finishes which will allow the asset to generate higher rents. Upon completion of renovations and increase of scheduled gross income by 23%, the asset was sold for $12,850,000.

  • No. of Units: 81
  • Acquisition Date: June 2007
  • Acquisition Price: $11,150,000
  • Renovation Costs: $500,000
  • Closing Fees: $250,000
  • Disposition Date: July 2008
  • Disposition Price: $12,850,000
  • Hold Period: 13 months
  • Levered IRR: 10.4%
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