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2104 E. Florida Acquired!!!

LMDG Real Estate Value Fund II, LP has acquired another asset, an 11 unit value-add apartment building located in Alamitos Beach (Long Beach, CA).  The property was acquired at approximately 60% of replacement cost and is operating at rents 40% below market (representing a true Value-Add asset with tremendous upside).

The property is strategically located near Long Beach's Retro Row, a unique eclectic enclave of approximately 100 independently owned and operated businesses that offer goods, restaurants, and entertainment.

The property has been poorly managed but has a great unit mix and provides incredible rent and cash flow upside.  

Fund II 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

Name: Retro Row (Florida)
Lot Size: 6,487
Units: 11
Location: Long Beach, CA (Alamitos Beach)
Stabilized Cap Rate: 8%+


Project Summary

Purchase Price: $2,535,000
Renovation Budget: $375,000
Total Project Cost: $2,910,000
Stabilization: 9-12 Months
Alamitos Beach Map-350x281.jpg


Fund II Investor Terms

The Fund: LMDG Real Estate Value Fund II, LP
Fund Size: Up to $15 million of equity
Manager: Lujan/Merriman Development Group
The Term: Five years
Equity Ownership: 30%
Distributions: Cash Flows from operations and sales to be distributed pro rata 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

Leverage: Up to 65% leverage on a portfolio basis

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

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