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LOS ANGELES—"I feel like I am investing in the shadow of Downtown Los Angeles," Kyle Kazan, president of Beach Front Properties, tells GlobeSt.com during a tour of his latest multifamily value-add transformation near MacArthur Park outside of Downtown Los Angeles. Kazan purchased the property, located at 446 S. Rampart Blvd., in May for $3.1 million, and has since invested $18,000 per unit for the 30-unit property. Made up of mostly studio apartments, the property is exactly the kind of investment that Kazan—a true value-add investor known for generating an average of 19% returns for his investors over his 16 years running Beach Front Properties—targets.
For this property, he calls himself an "early adopter" of the neighborhood, which is just outside of Downtown Los Angeles, where there are as many as 21,000 units in the pipeline, according to the latest DCBID report. His segment of renters will get to live near the booming market and pay half the rent, about $1,300 for the renovated apartments. Below are the before and after photos of the property, which is still under construction and already getting ample interest from tenants.
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