681 Shatto Pl, Los Angeles, California 90005
In July 2014, BCG purchased a Class C apartment building located on Shatto Place in the Koreatown neighborhood of Los Angeles. The property, built in 1923, consists of 30 apartments totaling approximately 24,000 square feet of residential space. Located a block away from Wilshire Blvd as well as Southwestern Law School and the subway at Vermont/Wilshire, the property is ideally positioned to serve to both a student and millennial demographic. At the time of purchase, 681 Shatto 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 has renovated 20 of the 30 units to date and upon completion of the renovations, BCG surpassed its original rent projections through a higher level of detail and finishes, and applied this new standard of design to subsequently remodeled units to support an increased rent base focusing on superior design. Originally purchased for $3.15M a recent refinance of $4.9M has returned all investor capital plus an additional $700,000+ in proceeds.