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Transaction Summary:

In August 2013, CGI purchased a 0.34 acre lot with the intent to develop Class A apartments. The land is comprised of two contiguous lots, both zoned R5, located a block south of Wilshire in the Korea town area of Los Angeles. The project has recently been entitled by CGI for 60 apartments, and will take about two years for construction and lease-up. CGI designed and engineered the building to maximize the value of the asset in terms of unit quantity and size. Thanks to attractive rents in the area since initial underwriting at acquisition CGI plans to hold the asset for a longer term to maximize investor value.

Investment Strategy:

CGI designed and engineered the building to maximize the value of the asset in terms of unit quantity and size. Thanks to attractive rents in the area since initial underwriting at acquisition CGI plans to hold the asset for a longer term to maximize investor value. Sunset is expected to generate $6.8MM in returns over a seven year holding period, which will be a 148% total return and 19% annualized return based on total equity of $4.6MM.

Transaction Details


Property Address 2867 Sunset Place, Los Angeles, CA

Acquisition Date 2013

Investment Type: Equity and Debt

Asset Type Luxury Apartment Building Development

Size: 60 Units