Rampart Manor

60 Unit Apartment Building- This asset was purchased in January of 2010 and was the largest Multifamily asset owned and managed by our team at that time.  At the time of purchase this building was in the Rent Escrow Account Program (REAP) mandated by the Los Angeles Housing Department and enforced by the City of Los Angeles’s City Attorney.  The building was also under review for substandard living conditions by the Los Angeles County Health Department.  In addition, the building had an over 30% vacancy rate and needed rehabilitation.  Within 6 months the rehabilitation of the building was complete and all inspections were passed.  Within a seven month period from acquisition the income increased more than 55% and tenant retention was at an all time high.