The Mark was a two-story walk up apartment built in 1965 and comprised of 150 units in ten separate buildings. The business plan was to acquire and improve the project value thru capital improvement according to the budget, implement creative marketing plans and vigorous hands on property management. Grupe, in joint venture with Hanover Real Estate Investors, LLC, an investment arm of George Marcus, purchased the building in Feb. 2017 and sold it in the Dec. 2018 and achieved over 40% IRR after rehabbed 50% of the units.
The acquisition and sale of the Mark represents the core investment objective of Grupe’s Short Term value add apartment Program. Grupe’s Value Add Program was designed to acquire assets with significant value creation potential, located in densely urban, populated, and diverse underserved suburban communities close to employment centers and public transits
150 Units, Garden Style, Value Add
August 16, 2020
Multi-Family, Value Add, California