Archives: Case Studies
Vintage North Park
Vintage North Park is a 12-unit apartment building located off 30th street near Adams Ave (two amenity rich corridors) in North Park which demands some of the highest rent in San Diego.
Deal Story
We acquired it from a long-term private owner who self-managed the asset and listed it for sale with a single-family home-focused listing agent. The owner became motivated after they identified a 1031 exchange opportunity that led us to be able to acquire the asset for a 17% discount to the original list price.
Business Plan
This is a long-term hold asset that we purchased and renovated unlevered. Executed a “gut rehab” of the entirety of the building including rebuilding all major systems (roof, electrical, plumbing, windows etc), converted six single car garages into three 1×1 ADU‘s and renovated the existing nine units to the studs with premium finishes (including addition of A/C and W/D) to attract premium rents (~$500 discount to walkable new product).
Before & After
