Portfolio
BellaVista Apartments
Address: Castroville, CA
Type: Apartments Market Rate
Execution: Lender REO, Off-Market
YOC: 1990, Rehabbed 2018
Units: 24
Date Acquired: May 2014
Strategy:
100% Interior & Exterior Renovation, re-branding, re-tenanting and re-positioning of Asset.
Performance:
60% Rent Lift; Average Project level returns through stabilization of 8.56% Unleveraged ROC / 10.87% Leveraged ROE with an Unrealized 2.88x Equity Multiple and 30.97% IRR.
CityPlace Apartments
Address: Concord, CA
Type: Apartments Market Rate
Execution: Lender REO, Off-Market
YOC: 1964, Rehabbed 2011
Units: 48
Date Acquired: October 2014
Strategy:
Reposition a rehabbed but under-performing Asset with significant Loss-to-Lease and operational inefficiencies.
Performance:
40% Rent Lift; Average Project level returns through stabilization of 6.38% Unleveraged ROC / 6.37% Leveraged ROE with an Unrealized 2.31x Equity Multiple and 24.41% IRR.
TownView Commons
Address: Dixon, CA
Type: Apartments Market Rate
Execution: On-Market
YOC: 1964, Rehabbed 2018
Units: 36
Date Acquired: December 2015
Strategy:
100% Interior & Exterior Renovation, re-branding, re-tenanting and re-positioning of Asset.
Performance:
40% Rent Lift; Average Project level returns through stabilization of 6.88% Unleveraged ROC / 7.82% Leveraged ROE through stabilization with an Unrealized 2.55x Equity Multiple and 29.65% IRR.
AltaVista Commons
Address: Scramento, CA
Type: Apartments Market Rate
Execution: On-Market
YOC: 1963, Rehabbed 2019
Units: 76
Date Acquired: December 2016
Strategy:
100% Interior & Exterior Renovation, re-branding, re-tenanting and re-positioning of Asset.
Performance:
Renovation completion in 2019 Q3.
