Chateau Westmoreland24-Unit Community in Koreatown
Just west of downtown and one of the city’s most desirable, and densest areas. .
This building was previously on the market for $5.5M, and was tied up by a buyer who ultimately backed out. Due to our relationship with the broker, we were able to purchase it off-market from a motivated seller for $4.95M
Chateau Westmoreland is a historic, architecturally significant 24-Unit Property.
The tenant profile is primarily young professionals working downtown in the tech and entertainment industries.
130 N Westmoreland.
This 24-unit multifamily property was built in 1926, and features studio and one-bedroom units with, exposed brick walls and hardwood flooring.
- Occupancy at takeover 100% 100%
- Value-Add Rent Growth 15% 15%
- 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.
Chateau Westmoreland is a historic 24-unit apartment community located in one of LA’s trendiest locations, between Koreatown and Silverlake. Built in 1926, the property is a three-story brick structure with “Old Hollywood” charm and a distinctive, castle-like turret. Most units contain exposed brick walls and hardwood flooring. The property is master-metered for utilities and has no parking, but is located close to public transportation, the 10, 101, and 110 freeways, and major thoroughfares Wilshire Boulevard and Vermont, providing easy access to most parts of Los Angeles and popular Southern California beaches.
Since our purchase at the end of 2018, we’ve completed multiple projects, including an exterior and interior renovations. Due to the increase in income, we we’re able to successfully refinance this property at the end of 2019, returning a large portion of capital to our investors after only 12 months!
We expect to exit this project in 4-8 years, with an equity multiple greater than 2.0x and an average annual return of +16%.