Results for ‘Success’ category

Another successful Adaptive deal

We just closed on the refinancing of an 11 unit apartment building. We bought the building two years ago for $2.65MM, then spent another $900k renovating it, bringing the total investment to ~$3.55MM. Our net loan proceeds on the refi are $3.54MM and we’ve accumulated ~$250k in cash from operations since lease-up. So, today we’re

What a successful deal looks like

Just finished stabilizing a deal and thought you all would like to see some numbers. Bought this large, non-rent control property in late 2015. Renovated and re-tenanted it, with everything finishing up in the last week or so. All in for about $3.6MM. New rent roll is $369k (so, 9.8x GRM). Looking like roughly a 7.8% unlevered

Dealing with leasing anxiety

We’re going through a period of intense leasing, with multiple new buildings opening up over the course of, say, 3-4 months. Long term, this is a good thing. It means we’re finishing projects we started, in some cases, years ago, fulfilling the promises we made to investors. And, in a lot of cases, it means

4234 Lockwood is done

This one was an absolute bear. But now it’s done and I think you’ll agree it looks dope. It’s also right in Virgil Village, a short walk from Sunset Junction… so, near enough to the action without being too crazy. The building is a mix of 1 bed, 2 bed, and 3 bed units. We

Another new one in Highland Park

Just finishing up another building in Highland Park that I think might interest some of you. Unlike many of the apartment buildings we renovate, this one was built by someone who cared about the people who would live there. The ceilings are pretty high, the units have a ton of light, there is parking and

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