An investor will have the ability to continue the proven renovation program or leverage the opportunity to enhance interior scope on the remaining non-renovated (109) and partially renovated (100).
The City of Lancaster has seen its population grow by 37.9% over the past 20 years, which is 4.5x the growth rate of Los Angeles County.
There are no market rate institutional properties (+50 units) currently under construction in Lancaster and any future development would require significantly higher rents.
With historically low interest rates, Granada Villas will yield significant returns immediately with the opportunity to further increase NOI. The Year 1 projected cash on cash return is +12%.
With a total of 320 apartment units, the Property represents a proven value-add opportunity that will allow an investor to gain immediate scale in a submarket that is poised for future growth.
Desirable low density homes with rents accessible to a broad
array of household incomes in Los Angeles County. Appeals to an emerging workforce housing millennial demographic that is aging into lower density communities making Lancaster an attractive alternative to Los Angeles.