Fullerton Apartment Project
In 2004, we purchased an 88 Unit Multi-Family building in Fullerton California. Rental income was 23% below market due to mismanagement and deferred maintenance. The upside potential of the project attracted both conventional debt and joint venture equity.
The asset management team maximized project value by achieving market rents while managing operating and capital expenditures.
The project was succesfully renovated and sold within 18 months achieving project level ROE of 109%