EL SEGUNDO, CA - Strategic Housing Partners (SHP), a vertically integrated real estate investment firm focused on acquiring and repositioning multifamily properties in Southern California, announced the closing of three multifamily acquisitions with its joint venture partner Rockpoint Group over the last twelve months, totaling more than 1,200 apartment units throughout the metro Los Angeles region.
SHP and Rockpoint intend to initiate a full capital improvement plan to transform all of the properties and enhance the overall value proposition for renters and the local communities. The three acquisitions include:
San Fernando Valley Portfolio: a multifamily portfolio comprised of 14 buildings and 592 garden-style apartment units located in Panorama City, North Hills, Van Nuys and Canoga Park. SHP and Rockpoint are upgrading the properties to include new interiors with upscale finishes, including kitchens with granite countertops and wood-inspired plank flooring. The exteriors are also being renovated to include designer paint schemes and wood cladding, a unique feature in this particular market. Each garden-style community will receive new landscaping and will be oriented around a central pool or recreational area.
Marathon Towers: a 94-unit apartment complex located in East Hollywood, a rapidly evolving, infill Los Angeles submarket. The redevelopment plan for the property involves a complete, high-end interior renovation of all units, including installation of quartz countertops, custom-tiled bathrooms, in-unit washer/dryers, and wood-inspired plank flooring. The renovation also envisions the addition of desirable new amenities, including an outdoor pool and lounge, [tenant-only] fitness center, and on-site leasing office. The building will also feature a new, modernist facade designed by KFA architects to distinguish the property within the community.
South Bay Portfolio: a 506-unit multifamily portfolio comprised primarily of two-bedroom townhomes in the vibrant South Bay submarket of Torrance. SHP and Rockpoint plan to enhance the portfolio by preserving well-maintained and attractive exteriors and renovating unit interiors, including the addition of new kitchens with quartz countertops, waterfall edges, full slab quartz backsplashes, contemporary subway-tiled bathrooms, in-unit washer/dryers, and wood-inspired plank flooring. Warren Berzack, Travis Haining and Alton Burgess of Lee & Associates represented the seller in the transaction.
SHP is a joint venture led by five experienced real estate professionals, including Moshe Azogui, Steven Ludwig, Eric Freedman, James Killian and Jerry Baker. Collectively, the principals of SHP have a track record of more than $5 billion in real estate transactions over the last two decades. SHP also employs a vertically integrated platform, which includes its in-house property management company Coastline Real Estate Advisors and an affiliated construction management company, Strategic Renovations Partners (SRP).
"When we launched SHP, our vision was to become the premier multifamily owner in Southern California, and with these latest acquisitions completed with our partner Rockpoint, we are well on our way to reaching that goal," said Moshe Azogui, Principal, SHP. "We believe our partnership has the key components in place to increase asset value while providing terrific housing to the communities we're investing in and excellent risk-adjusted returns to our investors."
"These three acquisitions are a perfect fit with our investment criteria, given the strength of the existing fundamentals in each submarket and demand for quality multifamily product throughout Southern California," added Steven Ludwig, Principal, SHP. "We will continue to seek attractive new investment opportunities in the coming months."