Acquired by Trion Properties in August 2013, this 41 unit, 1920s ‘bricker’ located in the Westlake/Macarthur Park area was completely vacant and heavily distressed at acquisition. The building was purchased for $1.6MM, with an additional $1.75MM allocated to extensive rehab and renovations. These renovations consisted of completely modern interiors, as well as a tasteful 1920s themed exterior that complements the vintage of the property, appealing to the demographic of the area. As a result, the property went through a year 3 cash-out refinance with a valuation of approximately $9M and over 3x equity multiple, as the property continues to achieve the highest rent/SF in the Westlake/Macarthur Park neighborhood for a property of its vintage.
- No. of Units: 41
- Acquisition Date: August 2013
- Acquisition Price: $1,600,000
- Total Cost Basis: $3,350,000
- Valuation as of 3/1/2016: $9,050,000