Investment Highlights
- A Premier, and Rare, Multifamily Offering: 78-unit multifamily asset that was built in 2013 located in Brentwood, known for luxurious estates and an upscale lifestyle
- A Diverse Unit Mix: The Property offers a mix of large, condo quality units that average 989 SF with 5 studios, 31 one-bedrooms, 36 two-bedrooms, and 6 three-bedrooms.
- Only Steps from Brentwood Urban Village: The Property, with a 90 Walk Score, is located in the premier pocket of Brentwood east of Bundy Drive between Wilshire and San Vicente Boulevards
- Robust Employment: The Property is surrounded by Silicon Beach, one of the most dynamic employment centers in Southern California providing future residents with numerous top tier employment opportunities amongst a diverse array of industries (technology, healthcare, professional services, and entertainment) and employers (Google, Amazon, UCLA, Hulu, Lionsgate, and many more). Within a 10-mile radius, there are 150 million square feet of office and 1.1 million jobs.
- Home Ownership Is Unattainable for Most: Single family home values in Brentwood have more than doubled over the last decade to $3,670,000. The sharp increase has made ownership difficult, if not impossible for first time buyers who would need to earn nearly $1M annually to afford a median priced home in the area.
- Brentwood is Ultra Affluent: The average household earns $213,731 annually, 64% of households earn more than $100,000 annually, 78% of the population are college educated, and 48% of the population are renters. According to ESRI, More than 90% of the renter pool in Brentwood fall into one of the three highest earning market segments that ESRI tracks.
- ADU Conversion Opportunity: The BW has approved plans to convert roughly 2,000 square feet of ground floor retail space into 4 one-bedroom units which offers prospective investors optionality to maintain the retail space as-is or convert it to additional residential units in the future. The ADUs would likely achieve rents between $5.50/SF and $6.00/SF upon completion.
- Condo Conversion Opportunity: The BW has an approved and recorded tract map in conjunction with its original entitlements which offers prospective investors the option to exit the investment via a condominium sales program. Based on recent sales of like-kind condominiums across greater Los Angeles, units at the BW could achieve between $1,000/SF and $1,500/SF if sold as condominiums.
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