Michigan Heights Apartments
About this Property
Michigan Heights Apartments, located in the emerging Boyle Heights neighborhood, is less than two miles from downtown Los Angeles and one mile from the Arts District. Consisting of 28 units, the community is currently 97% occupied with very out-dated interiors and a underwhelming exterior facade. Bascom will implement an extensive renovation plan and rebranding strategy that will enable the Property to compete with existing higher-end rental product. Upon completion of the renovation, the Property will feature hard-stone countertops, new appliances, new cabinet doors, new fixtures and lighting, vinyl plank flooring, a new paint scheme, and under-mount sinks. Bascom has budgeted $672,000 for capital improvements. Exterior renovations will include the addition of a BBQ area and dog run, façade enhancement and a fresh multi-tone paint scheme.
- Off Market Acquisition with no competition from other bidders
- 27% Discounted Purchase Price relative to surrounding submarket trades
- Adjacent to booming Downtown/Arts District attracting Start-ups and Tech Incubators
- Fluid access to Greater Los Angeles with Light Rail stop and freeways minutes from the property
- 28% Intrinsic Rental Growth Potential post renovation relative to the Class “A” product