
1318-1320 2nd St - Chelsea Santa Monica

700 S 6th St - Citra Apartments

1249 S Grand Ave - E On Grand

5420 Yolanda Ave - Residences at Village Walk

11458 Burbank Blvd - Twin Palms Apartments

1249 S Grand Ave - E On Grand

1318-1320 2nd St - Chelsea Santa Monica

700 S 6th St - Citra Apartments

1249 S Grand Ave - E On Grand

5420 Yolanda Ave - Residences at Village Walk

11458 Burbank Blvd - Twin Palms Apartments
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




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


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.

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.

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




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




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


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.

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.

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




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.