Executive Summary

Marcus & Millichap is pleased to offer for sale the Mid-City Collection, a once-in-a-generation investment opportunity in Los Angeles’ Harvard Heights. The portfolio features eight buildings totaling 175 units; all properties are within walking distance of each other.

The subject properties present an impressive unit mix, consisting primarily of one-bedroom and two-bedroom units. Most of the units are currently below market rents, offering an investor a true value-add opportunity on a large scale, through renovations. The portfolio has a significant rental upside, projected to achieve a pro forma cap rate of 7% as units turn. The collection is located in a neighborhood that continues to redevelop at a rapid pace, including growing educational opportunities as well as retail, public transportation, and city-shaping development projects.

Investment Highlights

• The Mid City Collection is a generational investment opportunity located in Los Angeles’ Harvard Heights neighborhood, featuring eight buildings totaling 175 units; seven of the eight properties are located within 0.6 miles of each other north of the 10 Freeway just west of Western Avenue
• The subject properties present an impressive unit mix throughout consisting of primarily one-bedroom and two-bedroom units; the majority of the units are currently at below-market rents offering an investor a true value-add opportunity on a large scale and the chance to increase cash flow dramatically through renovations
• Harvard Heights is a densely populated neighborhood of over 20,000 people that is known for its architecturally significant real estate; sitting just west of Downtown Los Angeles and close to major freeways, the location allows residents a relatively easy commute throughout many parts of Los Angeles
• The subject properties are located within a neighborhood that continues to gentrify at a rapid pace; the number of educational opportunities, retail amenities and public transportation options, as well as such close proximity to the numerous development projects in Koreatown, suggests that this rental submarket will continue to rise for years to come