36-Unit Community in Westlake

Westlake Submarket

The second-most dense neighborhood in Los Angeles, in the center of Pico-Union, Koreatown, Echo Park, and Downtown Los Angeles. 

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Barrier to entry

This property had multiple legal issues between the previous owner and the tenants. By successfully navigating this, we were able to acquire Union at a steep discount.

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Union is an old residence of the celebrated author Charles Bukowski.

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Tenant Demographic

The tenant profile consists of young professionals and blue collar workers who enjoy the central location and convenient access to public transportation. 

503 S Union Dr.

This 36-unit multifamily property was built in 1924, and features studio apartments, renovated interiors, and on-site laundry facilities.


Total Units


  • Occupancy at takeover 100% 100%
  • Value-Add Rent Growth 50% 50%
  • 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

Union is a 1920’s constructed apartment community that contains thirty-six studio apartments. We were able to secure an exceptionally low entry price due to legal issues between the residents and the previous owner.  

Since our purchase at the end of 2017, we’ve completed multiple projects, including an exterior and interior renovations. We’ve been able to increase the income by 42% since takeover!

We expect to exit this project in 5-7 years, with an equity multiple greater than 2.0x and an average annual return of +18%.


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