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LEASE-UP WITH POSITIONING TO SALE

1318-1320 2nd St - Chelsea Santa Monica

Santa Monica, CA 90401 - Downtown Santa Monica MF Submarket

53 Unit Class A Multi-Family Apartment Building

Built in November 2016

Renovated 2017-2018

www.chelseasantamonica.com

CHALLENGES

  • Construction delays
  • Opening in Q4, slower season
  • Aggressive market rates

RESULTS

  • Building opened in November 2016 with positioning to sale
  • Property stabilized in 2017-Q2 at 83% occupancy, averaging $7.30 per sq. ft. Sub-market average for same period was $3.94 per sq. ft.
  • Property reached 92.5% occupancy by 2017-Q3, continuing to press rates above sub-market average.
  • Implemented robust marketing to create prominent online presence, and to promote the brand.
  • Established an “A-Team” of lease-up and management personnel to provide superior customer service to maintain resident retention at a high rate.
  • Property sold in September 2017 at $1,071,396/Unit, sub-market’s record high.

VALUE-ADD WITH POSITIONING TO HOLD

700 S 6th St - Citra Apartments

Burbank, CA 91501 - Burbank MF Submarket

34 Unit Class B Multi-Family Apartment Building

Built in 1958

Renovated 2017-2018

www.citraapartmenthomes.com

Citra Apartments was purchased by a long-term Moss & Company client in June 2017. Moss & Company was hired to manage the property with plans to add value.

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PROPERTY STRENGTHS

NO RENT CONTROL: At the time of purchase there were no rent control restrictions on multifamily properties in Burbank.

PROXIMITY TO EMPLOYMENT: Burbank is home to some of the world' s most established media and entertainment companies.

STRONG DEMOGRAPHICS: At the time of purchase average household income in the 91501 Zip code in Burbank was $89,320 and was projected to grow 17.90% by 2020.

OPPORTUNITIES

STRATEGIC VALUE ADD: Although the property had gone through a major exterior renovation 1-2 years prior to the purchase, there were opportunities to test higher end interior renovations, plumbing upgrades and amenity-based value-add.

OPERATIONAL EFFICIENCY: Placing professional property management oversight and sophisticated systems to maximize the property’s performance – this property had 79% occupancy at the time of purchase.

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STRATEGY

  • Developed property branding to deliver effective message to target demographics.
  • Implemented robust marketing to create prominent online presence, and to promote the brand.
  • Established strong regional management oversight with experience in property renovations and superior customer service.
  • Value Add completed within the first year:
    • Check Plumbing re-piping of the building
    • Check Re-designed the kitchen layouts to create open space configurations.
    • Check Upgraded kitchen cabinetry, counters, fixtures and appliances.
    • Check Upgraded bathroom cabinetry, counters and fixtures.
    • Check Installed rated-insulation in ceiling drywall to reduce noise transfer and improve energy efficiency.
    • Check Implemented resident buy-out & transfer strategies to renovate occupied units.
    • Check Installed dual-pane, energy efficient windows.
    • Check Installed recessed LED lighting with sensor controls.

RESULTS

Rental Income increase in 12-month period:

PLAN TYPE SQ.FT. 2017 RENT PER SQ. FT. 2018 RENT PER SQ. FT. UPSIDE
Studio 400 $3.27 $4.24 29.7%
1-Bedroom/1-Bath 600 $2.75 $3.29 19.8%
1-Bedroom/1-Bath Loft 550 - $4354 -
2-Bedroom/1-Bath 750 $2.46 $3.13 27.1%
WEIGHTED AVERAGE: 563 $2.77 $3.56 28.4%

LEASE-UP WITH POSITIONING TO HOLD

1249 S Grand Ave - E On Grand

Los Angeles, CA 90015 - South Park MF Submarket

115 Unit Class A Multi-Family Apartment Building

Built in November 2017

Renovated 2017-2018

www.eongrandla.com

CHALLENGES

  • Construction delays
  • Opening in Q4, slower season
  • Unprecedented influx of new inventory in the sub-market. 1,233 new units delivered same quarter the property opened; additional 2,468 new units delivered during lease-up.

RESULTS

  • Building opened in November 2017 with positioning to hold.
  • Developed property branding to deliver effective message to target demographics.
  • Implemented robust marketing to create prominent online presence, and to promote the brand.
  • Established an “A-Team” of lease-up and management personnel to provide superior customer service.
  • Property stabilized in 2018-Q2 at 84% occupancy, averaging $2.98 per sq. ft. Sub-market average for same period was $3.09 per sq. ft. Majority of inventory consisted of larger Class A buildings.
  • Property reached full occupancy by 2018-Q3, averaging at $3.00 per sq. ft.

LEASE-UP WITH POSITIONING TO HOLD

Tarzana, CA 91356 - Tarzana MF Submarket

Santa Monica, CA 90401 - Downtown Santa Monica MF Submarket

54 Unit Class A Multi-Family Apartment Condominium Building

Built in November 2017

Renovated 2017-2018

www.residencesatvillagewalk.com

CHALLENGES

  • Opening in Q4, slower season
  • Top tier market rates in the sub-market

RESULTS

  • Building opened in October 2017 with positioning to hold.
  • Developed property branding to deliver effective message to target demographics.
  • Implemented robust marketing to create prominent online presence, and to promote the brand.
  • Established an “A-Team” of lease-up and management personnel to provide superior customer service to maintain resident retention at a high rate.
  • Property stabilized in 2018-Q1 at 89% occupancy, averaging $2.29 per sq. ft. Sub-market average for same period was $1.98 per sq. ft.
  • Property reached full occupancy by 2018-Q3, averaging $3,457 monthly rent or $2.33 per square foot. Sub-market average for same period was $1,729 monthly or $1.99 per sq. ft.

VALUE-ADD WITH POSITIONING TO HOLD

11458 Burbank Blvd - Twin Palms Apartments

North Hollywood, CA 91601

40 Unit Class C Multi-Family Apartment Building

Built in 1957

Renovated 2013-2015

www.twinpalmsnoho.com

Twin Palms Apartments was purchased by a long-term Moss & Company client in October 2013. Moss & Company was hired to manage the property with plans to add value.

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PROPERTY STRENGTHS

LOCATION: The property’s located in a highly sought-after sub-market, within walking distance from the NoHo Arts District. The neighborhood had seen rapid growth and extensive gentrification/development, promising to continue transforming the area into one of the hottest rental and cultural markets in all of Los Angeles.

PROXIMITY TO EMPLOYMENT: Easy public transportation access to nearby employment hubs in Downtown LA, Hollywood, Woodland Hills, and Beverly Hills.

OPPORTUNITIES

STRATEGIC VALUE ADD: As demographic shifts drove demand for new and renovated product, an opportunity presented to add value and increase rental income through complete building and unit renovation.

OPERATIONAL EFFICIENCY: Placing professional property management oversight and sophisticated systems to maximize the property’s performance – this property had 85% occupancy at the time of purchase.

Visit

STRATEGY

  • Developed property branding to deliver effective message to target demographics.
  • Implemented robust marketing to create prominent online presence, and to promote the brand.
  • Established strong regional management oversight with experience in property renovations and superior customer service.
  • Exterior Renovations:
    • Check Plumping re-pipe.
    • Check Installed drip system for irrigation.
    • Check Installed new modern-designed coping around the swimming pool.
    • Check Resurfaced swimming pool.
    • Check Installed music speakers in the common areas.
    • Check Installed a barbeque grill and a fire pit in the common area.
    • Check Installed faux wood fencing on the exterior of the property.
    • Check Installed an enclosure for the rubbish area.
    • Check Installed a bicycle rack.
    • Check Implemented resident buy-out & transfer strategies to renovate occupied units.
  • Interior Renovations:
    • Check Reconfigured kitchen, adding breakfast nooks.
    • Check Installed quartz counter tops.
    • Check Installed two locations in each unit for flat-screen TV’s.
    • CheckInstalled tile flooring and back-splashing in the bathrooms and kitchens.
    • CheckInstalled frameless glass and mirrors.
    • Check Installed recessed LED lighting with sensor controls.
    • Check Installed vinyl plank flooring.
    • Check Installed rated-insulation in ceiling drywall to reduce noise transfer and improve energy efficiency.
    • Check Installed dual-pane, energy efficient windows.
    • Check Installed stainless steel full-sized refrigerator, dishwasher, and stove.

RESULTS

Rental Income increase in 12-month period:

PLAN TYPE SQ.FT. 2017 RENT PER SQ. FT. 2018 RENT PER SQ. FT. UPSIDE
Studio 400 $3.27 $4.24 29.7%
1-Bedroom/1-Bath 600 $2.75 $3.29 19.8%
1-Bedroom/1-Bath Loft 550 - $4354 -
2-Bedroom/1-Bath 750 $2.46 $3.13 27.1%
WEIGHTED AVERAGE: 563 $2.77 $3.56 28.4%
PLAN TYPE SQ.FT. 2013 RENT PER SQ. FT. 2014 RENT PER SQ. FT. UPSIDE
Studio 400 $1.71 $2.50 45.70%
1-Bedroom/1-Bath 700 $1.48 $2.07 39.91%
WEIGHTED AVERAGE: 540 $1.67 $2.41 44.67%

LEASE-UP WITH POSITIONING TO HOLD

1249 S Grand Ave - E On Grand

Los Angeles, CA 90015 - South Park MF Submarket

115 Unit Class A Multi-Family Apartment Building

Built in November 2017

Renovated 2017-2018

www.eongrandla.com

CHALLENGES

  • Construction delays
  • Opening in Q4, slower season
  • Unprecedented influx of new inventory in the sub-market. 1,233 new units delivered same quarter the property opened; additional 2,468 new units delivered during lease-up.

RESULTS

  • Building opened in November 2017 with positioning to hold.
  • Developed property branding to deliver effective message to target demographics.
  • Implemented robust marketing to create prominent online presence, and to promote the brand.
  • Established an “A-Team” of lease-up and management personnel to provide superior customer service.
  • Property stabilized in 2018-Q2 at 84% occupancy, averaging $2.98 per sq. ft. Sub-market average for same period was $3.09 per sq. ft. Majority of inventory consisted of larger Class A buildings.
  • Property reached full occupancy by 2018-Q3, averaging at $3.00 per sq. ft.