Strategy:Reposition an Outdated Product
Investment Date:November 2005
Property Type:Multifamily Residential
Size:298 Units
Total Cost:$70.6 MM
Disposition Date:October 2007
Project IRR:30.1%
Background:
This 298 unit property is located in West Hollywood, within walking distance from the Grauman’s Chinese and the Kodak Theaters, and the Hollywood Walk of Fame. Built in 1987, the property was outdated and underperformed relative to its vibrant location. Security Properties' reposition of this property included renovations to the leasing office and common areas thus capturing a greater share of Hollywood’s younger demographic.
Highlights: