LMDG's legacy fund has acquired a 6 unit value-add apartment building. The property is located in the prime Belmont Shore area of Long Beach just a short walk from the shops and restaurants of 2nd st. and the Belmont Pier and the Pacific Ocean.
LMDG will improve all of the apartments and increase rents by 50%+ over the next 9 - 12 months as tenants vacate the property and units are remodeled.
LMDG's latest fund LMDG Real Estate Value Fund II, LP is stillopen for investment. For more information, download ourflyer which outlines the strategy of the fund, track record, fund structure, and projected returns.
Property
Name: Belmont Shore
Size: 4,194 sq. ft.
Units: 6
Location: Belmont Shore (Long Beach)
Stabilized Cap Rate: 8%+
Project Summary
Purchase Price: $1,675,000
Renovation Budget: $175,000
Total Project Cost: $1,850,000
Stabilization: 9-12 Months
Fund II Investor Terms
Fund: LMDG Real Estate Value Fund II, LP
Fund Size: Up to $15 million of equity
Manager: Lujan/Merriman Development Group
Term: Five years
Equity Ownership: 30%
Distributions: Cash flows from operations and sales to be determined quarterly
Fund II Target Investments
Acquisition Size: $1.5 - $5 million
Property Types: Multifamily, In-fill land, Single- family residential
Location: Coastal markets within Orange County and Los Angeles County as well as key sub- markets within Los Angeles and Hollywood
Target Return:
15% - 18%+ net IRR
1.5x - 2.0x net Multiple
Lujan/Merriman Development Group
5050 E. 2nd Street #14806 Long Beach CA 90853 United States
