Case Study:

Portofino Townhomes

Los Angeles, California

Strong renovation potential in area of LA where renters go for more space and easy freeway access.

Year built
1987
Total units
200
Class
B/B+
Renovation
$4,543,300

Opportunity

Later cycle purchase in a supply constrained Los Angeles submarket representing an excellent opportunity to add value through both common area and unit improvement.

Property located at the intersection of the Pacific Coast Highway and the 110 freeway with easy freeway access to numerous employment, retail, and coastal lifestyle amenities.

Large townhome units in a value-oriented area of LA where renters are looking for more space.

Execution

Virtú near completion on $4,543,300 ($22,716/unit) renovation. Enhancements to date have been transformational.

Extensive improvements made to property’s exterior and common areas including a new exterior paint scheme, pool area and lounge.

Unit renovations designed to improve the resident experience and reduce monthly expenses by incorporating LED light kits, low flow plumbing fixtures, programmable thermostats, and Energy Star appliances.

Results

Increased renter demand

Asking rents have increased nearly 20% over going-in rent-roll averages, two years after purchase.

Enthusiastic residents

Renovation supported increased resident enthusiasm with the recommended score on apartmentsratings.com moving over 80% and still climbing.

View next case study

Los Piñones

Santa Fe, New Mexico

Largely overlooked tertiary market with exceptional renter demographics.