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|Number of units||192|
JLL, as exclusive advisor, is pleased to present Solterra at Civic Center (the “Property” or “Solterra”), a 192-home, transit-oriented, value-add multi-housing investment opportunity in Norwalk, California. Positioned in a premier micro location of Norwalk, Solterra offers residents outstanding access to transit, jobs, dining, and entertainment. In addition to immediately reaping the benefits of the Property’s strong in-place cash flow, a new owner can enhance revenue by continuing the extensive interior renovation program implemented by current ownership and further upgrading community amenities. Current ownership has completed a full renovation of 49 homes (±26%), while previous ownership completed a light renovation to 28 homes (±15%) that included the installation of granite countertops. Given the significant resident demand and return on investment with current ownership’s renovation scope, an investor will have the opportunity to continue this proven renovation strategy on all 143 non fully renovated homes (±74%).
- Rare Opportunity to Acquire a High-Performing Los Angeles Asset: With a ±96.8% total rental collection rate since May 2020 and ±3.9% effective gross income growth (December 2020 T12 to March 2021 T3 annualized), Solterra has vastly outperformed the majority of institutional product in Los Angeles County after the onset of COVID-19.
- Significant Value-Add Potential With Proven Renovation Premiums: 49 Homes (±26% of the Property) have been renovated by current ownership with an average achieved renovation premium of ±$246. 143 Homes (±74% of the Property) are primed for renovation.
- Preeminent Norwalk Micro Location with Unmatched Accessibility: Solterra at Civic Center boasts the premier apartment location among its competitive set and distinctly offers walkable access to retail, dining and employment.
- High-Growth Submarket with Strong Fundamentals & Future Growth Prospects: With the current lack of supply, a constrained development pipeline and proven demand for renovated product in Norwalk and surrounding Gateway Cities submarkets, Solterra is perfectly positioned to continue outperforming the greater Los Angeles and Orange County rental markets.
- Unrivaled Transit-Oriented Location Adjacent to Diverse Employment Centers: Strategically located adjacent to the I-5, one of California’s most heavily traveled arterial freeways, Solterra at Civic Center benefits from excellent freeway access and unparalleled connectivity to major job centers in Los Angeles County and Orange County.
- Lack of Competing Supply: With the last 100+ unit, market rate property in the city of Norwalk built over 30 years ago in 1989, there is a clear runway for outsized rent growth and elevated occupancy at Solterra Civic Center.