In September of 2016 this 26-unit two-story garden style apartment complex was acquired in an off-market transaction for $4,800,000, with $3,463,000 of interest only debt financing at 3.3%. It is located on Magnolia Avenue, one-half block west of Vermont Avenue and two blocks south of Hustler Casino in Gardena.
A thoughtful repositioning plan was designed and implemented, at a total cost of approximately $1,373,000. After the completion of our repositioning of this asset it was sold in November of 2019 for $9,300,000. This represents a total return of approximating 55% over our holding period.
