Investor returns
24% IRR · 2.3x equity multiple · ~3.8 year hold · sold December 2022.
Past performance is not indicative of future results. Investor returns shown are for this realized investment only and do not guarantee returns on any other or future investment.
The asset
Adaptive reuse development in a prime downtown Santa Barbara location. Conversion of office property to 23 multifamily units — praised by city officials for adding much needed housing in a dense multi-use zone.
Business plan
Convert underused office to multifamily through adaptive reuse — creating housing in a dense downtown location and exiting after the reposition.
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