Santa Monica, CA 90401 - Downtown Santa Monica MF Submarket
53 Unit Class A Multi-Family Apartment Building
Built in November 2016
Renovated 2017-2018
Construction delays
Opening in Q4, slower season
Aggressive market rates
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.
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.
Read MoreNO 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.
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.
Read MoreDeveloped 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:
Plumbing re-piping of the building
Re-designed the kitchen layouts to create open space configurations.
Upgraded kitchen cabinetry, counters, fixtures and appliances.
Upgraded bathroom cabinetry, counters and fixtures.
Installed rated-insulation in ceiling drywall to reduce noise transfer and improve energy efficiency.
Implemented resident buy-out & transfer strategies to renovate occupied units.
Installed dual-pane, energy efficient windows.
Installed recessed LED lighting with sensor controls.
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% |
Los Angeles, CA 90015 - South Park MF Submarket
115 Unit Class A Multi-Family Apartment Building
Built in November 2017
Renovated 2017-2018
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.
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.
Tarzana, CA 91356 - Tarzana MF Submarket
54 Unit Class A Multi-Family Apartment Condominium Building
Built in November 2017
Renovated 2017-2018
Opening in Q4, slower season
Top tier market rates in the sub-market
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.
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.
VisitLOCATION: 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.
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.
Read MoreDeveloped 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:
Plumping re-pipe.
Installed drip system for irrigation.
Installed new modern-designed coping around the swimming pool.
Resurfaced swimming pool.
Installed music speakers in the common areas.
Installed a barbeque grill and a fire pit in the common area.
Installed faux wood fencing on the exterior of the property.
Installed an enclosure for the rubbish area.
Installed a bicycle rack.
Implemented resident buy-out & transfer strategies to renovate occupied units.
Interior Renovations:
Reconfigured kitchen, adding breakfast nooks.
Installed quartz counter tops.
Installed two locations in each unit for flat-screen TV’s.
Installed tile flooring and back-splashing in the bathrooms and kitchens.
Installed frameless glass and mirrors.
Installed recessed LED lighting with sensor controls.
Installed vinyl plank flooring.
Installed rated-insulation in ceiling drywall to reduce noise transfer and improve energy efficiency.
Installed dual-pane, energy efficient windows.
Installed stainless steel full-sized refrigerator, dishwasher, and stove.
Rental Income increase in 12-month period:
| 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% |
