Catalina

10-Unit Multifamily Community in Koreatown - SOLD FEB 2020

Koreatown Submarket

Just west of downtown and one of the city’s most desirable, and densest areas. 

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Large Upside

Catalina’s average rents at takeover were well below market averages.

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Vintage

Catalina was a great vintage of property in need of a cosmetic upgrade.

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Tenant Demographic

The tenant profile is primarily young professionals working downtown in the tech and entertainment industries. 

115 & 127 N Catalina St.

This 10-unit multifamily community consists of two, five-unit buildings built in 1920s, and features large one and two-bedroom units.

 

Total Units

Buildings

  • Occupancy at takeover 100% 100%
  • Value-Add Rent Growth 48% 48%
  • Average Annual Sub Market Rent Growth 5% 5%
  • Average Sub Market Occupancy 96.3% 96.3%

Today this sprawling, three-square-mile community just west of downtown has become one of the city’s hippest areas thanks to the continuing renovation of its rich architectural heritage, a new subway traversing its Wilshire Boulevard hub and recently opened boutique hotels like the Line and Normandie. As the most densely packed part of Los Angeles, it’s also one of the city’s most strollable, with Art Deco buildings and palm-lined boulevards.

Finn-Olaf Jones - New York Times

The Story

Catalina is a 1920s, 10-unit multifamily community in Koreatown. These properties were acquired for $1,925,000, and featured a desirable layout of large units in a great area. The architecture was historically significant and post remodel it was a truly unique building.

Since our purchase, we’ve completed multiple projects, including an exterior and interior renovations. 

Catalina sold in 2020, with an equity multiple of 3.0x and an IRR of 31.9%.

 

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