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211 Mira Mar (Belmont Shore) - Acquired

LMDG's latest fund LMDG Real Estate Value Fund II has acquired its latest property 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., the Belmont Pier, and the Pacific Ocean.

LMDG will improve all of the apartments and increase rents by 50%+ over the next 6 - 9 months as tenants vacate the property and units are remodeled.  

LMDG's latest fund LMDG Real Estate Value Fund II, LP is still open for investment.  For more information, download our flyer which outlines the strategy of the fund, track record, fund structure, and projected returns.

Download Flyer
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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: $225,000
Total Project Cost: $1,900,000
Stabilization: 6-9 Months
 
 
 
 
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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:
  • 12 - 15%+ net IRR
  • 1.5x - 2.0x net Multiple
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Lujan/Merriman Development Group

5050 E. 2nd Street #14806 Long Beach CA 90853 United States

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