Checking in on our “rehab” deal

And… we’re back.

As you know, we’re in the process of “rehabbing” a 4plex in Echo Park right now.

I say “rehabbing”, because it’s effectively new construction, as you will see below.

When we started this project, I was mentally prepared to treat it like a standard rehab deal, except with slightly more risk and much better numbers (we expect around an 8% unlevered yield, which is ridiculous).

Interestingly, as it’s come out of the ground, I’ve found myself taking a ton of pride in what we’re building. There’s nothing rational there… it’s just cool to feel like we’re adding some housing to a very tight market and building something that will presumably stand for 100 years or so.

Here are a few pics: