We purchased this off-market 15-unit pride of ownership building in Gardena in December 2021 for $3,950,000. This acquisition was effectuated with a loan in the amount of $3,860,000, which included a mezzanine loan in the amount of $512,000 for the property’s repositioning, which equates to approximately $34,000/unit.
The Owner of this property had owned and lived in this property since 2004. This property is immediately adjacent to its “sister” 16-unit building which we acquired in November of 2019 and are in the final stages of repositioning. The Seller was so impressed with how our repositioning of the sister building next door turned out; he offered to sell his property to us. This property is an ideal repositioning opportunity for us, with its location within 2 blocks of Pacific Square (a dominant retail center in Gardena), the Gardena Civic Center, a community pool, a large church and is immediately adjacent to a cute little “pocket park.” This area of Gardena is known for its safe neighborhoods, walkable streets, and vibrant mixed-use properties within close proximity to schools, restaurants, shopping and other service amenities, which are highly sought after by millennial renters.
We are finalizing our plans for the property’s repositioning, which will include the creation of shared tenant amenities what can be enjoyed by this property’s tenants, as well as the tenants of our 16-unit adjacent building.
