Investment Highlights
- Affordable Housing Conversion Opportunity: Nearly all of the tenants currently living at the Flat have a rent below the 80% AMI rent limits for studios in Los Angeles County ($2,120).
- Proximity to the live, work, & play demand drivers of the Financial District, Bunker Hill, and South Park offer an opportunity to capitalize on demand for furnished, short-term, and corporate housing.
- Extensively Renovated Common Areas: Over $8.8M of capital improvements over the last 10 years that have completely transformed the Property's common areas to emulate a boutique luxury hotel.
- Remaining Interior Value-Add Opportunity: Investors can focus solely on revenue generating improvements on the remaining 129 non-renovated units and capture roughly 10% upside in rental income post renovation. Renovating & furnishing units has the potential to achieve 20% upside in rental income.
- Consummate Amenity Package: The Flat offers residents a consummate amenity package replete with modern social lounges with WiFi, recreation lounge with ping pong and billiards, spacious mid-century modern designed lobby, state-of-the-art fitness center with Peloton bikes, yoga room, creative workspace and business center, heated pool, and a sundeck.
- Low Entry Point for Renters: Given its efficiently sized units, The Flat offers a whole dollar rent amount below that of the competitive set which enables the Property to attract a broad base of potential renters.
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