Malibu Ocean View Apartments
Malibu, CA. Oct. 2014-2017 – This property was acquired as a neglected, deferred maintenance apartment building; however, all the units had white water ocean views. The property was purchased with IDB Bank financing of the 50% of acquisition loan plus 10% line of credit. These funds were used towards complete rehab of the exterior and interior of the property to a modern architectural look, with glass railing, wood accent and smooth stucco on the exterior. All of the fixtures, cabinets, kitchen appliances, bathrooms, lighting, ceiling dry wall and flooring was replaced with a new and fresh modern look. As a result, this non-rent-controlled property boosted a 75% growth in its gross revenue and ultimately a significant increase in NOI. This property was a safe investment with high IRR.