Background:

After acquiring this 212 unit garden community located in Long Beach, CA, Security Properties embarked on a value add campaign through capital expenditures. This property carried a low rate floater bond that mandated a mix of 80% market rate / 20% affordable housing which added complexity and potential upside at expiration to the deal. The firm managed this accordingly, and the end result was a successful asset repositioning and subsequent disposition that led to substantial gains for the firm and their investors.

Highlights:

• Remodeled clubhouse with enhanced amenities that included a new exercise room.
• Additional signage on underutilized space on the property which led to increased traffic, while minimizing marketing costs.
• To position the site at the top end of the market, a substantial interior remodel plan was undertaken highlighted by microwaves, ceiling fans, new blinds, new refrigerators, and washers and dryers for every unit.