2921 Francis Ave., Los Angeles, California 90005
In 2013, BCG purchased a Class C REO apartment building located on Francis in the Koreatown neighborhood of Los Angeles. The property, built in 1923, consists of 30 apartments totaling approximately 14,510 square feet of residential space. Located a few blocks from Wilshire Blvd as well as Southwestern Law School, the property is ideally positioned to serve to both a student and millennial demographic. At the time of purchase, 2921 Francis Ave had not undergone any substantial renovation since its initial construction. BCG envisioned a complete redesign of the property with a dramatic, compelling look, and immediately began renovating the building exterior and common areas while gutting the vacant apartments. BCG renovated 24 of the 30 units and upon completion of the renovations and lease up of the units sold the building. The property was purchased for $2.515M and sold 18 months later for $4.7M.