We purchased these two adjacent investment properties, a fourplex and a duplex, for $1.075M in 2015. I raised $1.5M all cash to purchase the property, and fund the relocation and renovation costs for redeveloping the property.
We merged the properties, on the two adjacent lots, into 6 units and coined them The Montana Bungalows of Echo Park. The property is in a phenomenal location, just north of Sunset Blvd and near Glendale and Alvarado.
Within one year, we secured cash-for-key deals to relocate all the tenants, renovated the interiors and exterior, released the newly vacate and renovated apartments for market rate rents, and then re-listed and sold the property for $3.050M in 2016.
This was an incredible investment for our small investor group of family and friends. Within less 18 months our investors received nearly a 45% return on their investment.
David was the broker for the purchase in 2015, project manager, property manager, main leasing agent, and the listing agent for disposing of the property in 2016.