Transaction Summary & Investment Strategy
In December 2013, CGI purchased a Class C apartment building located on Hilgard Ave in the Westwood neighborhood of Los Angeles. The property, built in 1976, consists of 60 apartments totaling approximately 49,000 square feet of residential space. Located in close proximity to the Golden Mile corridor of Wilshire Blvd as well as the UCLA campus, the property is ideally positioned to serve to both a student and corporate housing demographic. At the time of purchase, 888 Hilgard had not undergone any substantial renovation since its initial construction. CGI envisioned a complete redesign of the property with a dramatic, compelling look, and immediately began renovating the building exterior and common areas while gutting the vacant apartments. CGI renovated 48 units in the first year, well ahead of the initially projected 28. Upon completion of the first phase of unit renovations, CGI surpassed its original rent projections through a higher level of detail and finishes, and applied this new standard of design to subsequently remodeled units to support an increased rent base focusing on short term/ long term stay.
Property marketing website: 888hilgard.com
|Property Address||888 Hilgard Ave, Los Angeles, CA|
|Investment Type:||Equity and Debt|
|Asset Type||Luxury Apartment Renovation|