15 Building Portfolio
In 2004, we purchased 15 buildings (792 units) in Hollywood and Los Angeles, California. Total project cost was financed using conventional debt and joint venture equity.
These projects offered redevelopment opportunities that support substantial equity creation. We capitalized on these opportunities by implementing our value-added redevelopment plans.
We implemented a capital renovation program targeting property improvement and deferred maintenance.
We partnered with an experienced 3rd party management company to implement a selective tenant relocation and marketing program.
The properties were sold in three phases within a 2 year period achieving project level ROE of 60%.