Located in an affluent neighborhood in Los Angeles County, 1001 Melrose was renovated and rebranded into a stylish new community. Prior to its acquisition, the property was formerly known as “Glenoaks Apartments” suffered from underperformance driven by high turnover and lack of cash flow. Multifamily Investment Partners executed a $650k ($10,317 per unit) to upgrade its curb appeal, ammenities and unit interior. As a result, in-place rents were improved and the central air conditioning system was repaired, which stabilized the high turnover as it was only partially functional under the prior ownership. The additional upgrades to the lobby and common areas have transformed 1001 Melrose into a modern oasis surrounded by mountain views and boost amenities that includes a rooftop fitness center, pool and sauna.
California Bank & Trust
Wilson Investment Associates, Individual Private Investors