5385 Clairemont Mesa Blvd, San Diego, CA 92117

Highlights:

• Acquired a mid-century apartment community in 2015 in the Clairemont neighborhood of San Diego
• Located in a high-barrier-to-entry coastal market
• Renovation and lease-up originally projected for 12 months
• Completed renovation and stabilization in 6 months
• Achieved year 3 rent growth projections ahead of schedule
• Successfully refinanced in 2017, returning a significant portion of investor capital

Financials:

• Purchase Price: $9,800,000
• Capital Improvements: $527,000
• Sale Price: $21,700,000
• Significant value creation achieved through renovation, operational improvements, and market appreciation