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1/17/13
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Pendo Investments (“Pendo”) recently closed on the purchase of two multifamily investments, totaling 133 units, in the Mid-Cities submarket of Los Angeles. The $16.5 mil acquisition consisted of 95 units in Norwalk and 38 units in Downey, and represents an average price of $124k/unit.
Both assets were constructed in the mid-1960s and were acquired as value-add opportunities. The assets were purchased from two different private sellers and together represent the eleventh property Pendo has acquired over the past eighteen months.
Pendo will execute approximately $10k/unit in capital renovations to upgrade the property exterior, common areas and unit interiors. Improvements will include landscaping, façade upgrades, signage, lobby improvements, paint, swimming pool renovations and unit interior renovations. As upgrades are completed, Pendo plans to increase the existing under-market rents to current “post-renovated” market levels.
Pendo presently owns four other properties in the immediate surrounding submarket and has successfully executed similar strategies on each of these assets. The company utilizes its local market knowledge, value-add expertise and tenured operations experience to maximize property cash flow and value.
Pendo Investments is a private real estate investment company that seeks to provide superior risk adjusted returns in value-add and core plus apartment investments throughout the West and Southwest United States.
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