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Los Angeles, CA
Built in 1987
- Proven Value-Add Opportunity: Average in-place rents are significantly below market with the opportunity to renovate. Current ownership has renovated 173 of the 200 units.
- Attractive Multifamily Market Trends: Rents are projected to grow by 8.93% in the submarket over the next 12 months. Over the last 5 years, the average vacancy rate is 2.9%.
- Accessibility to Major Employment: Located near the I-405. I-110, and I-710 freeways, giving residents access to over 1M jobs within a 30-45 minute commute.
- Harbor City Renaissance Drives Demand: Multiple development projects are anticipated to transform the Harbor Cities. The $150M West Harbor Development on the San Pedro Waterfront will prove to be a major attraction as it is delivered over the next several years.
- Significant Discount to Home-Ownership: Townhomes present an opportunity for renters to live in a home-like environment at a significant discount to home ownership. 68%+ affordability gap between average in-place rent at the Property and the average single-family home in the Harbor Cities.
- Limited Multifamily Developments: The South Bay has multiple barriers to entry including lack of available land and a strong sense of NIMBYism limiting new multifamily development. Since the year 2000, only 3,868 units have been delivered with 737 of those units having recently been converted to work force housing through state bond financing programs.