Forty6Twenty is located in the booming Culver City submarket of Los Angeles. This 28 unit asset was purchased in September 2015 for $6,800,000, with an additional $800,000 allocated towards extensive interior renovations and exterior improvements. Renovations include a completely new kitchen, wood plank flooring, and tech-friendly amenities such as Nest thermostats. The property went through a year 2 cash-out refinance with a valuation of approximately $10MM, returning approximately 50% of equity back to investors in November 2015.
- No. of Units: 28
- Acquisition Date: September 2014
- Acquisition Price: $6,800,000
- Total Cost Basis: $7,418,379
- Valuation as of 11/17/2015: $10,000,000