This 27-unit value-add two-story building is built around an interior courtyard with a pool. It was purchased in September of 2021 for $5,838,000. This acquisition was effectuated with a loan in the amount of $5,772,000, which included a mezzanine loan in the amount of $945,000 for the property’s repositioning, which equates to approximately $35,000/unit.
Because of the generous carport parking included in this property, we are currently researching the potential development of up to an additional 6 ADU’s (accessory dwelling units) on-site, which would substantially improve the performance of this asset.
