MASD-SAN DIEGO APARTMENT PROJECT FULLY FUNDED
Midtown Apartments San Diego, L.P. (MASD), IS a group of five smaller apartment buildings with 48 units. Each property is located in highly sought after areas where rehabilitated apartments are in high demand and limited supply.
We are purchasing Midtown Apartments from the same Seller as North Park Apartments. The renovations on North Park Apartments are complete which has allowed us to achieve higher rents than we projected and the properties are currently being marketed for sale.
On Midtown Apartments, the Seller has self-managed for over 25 years and the properties have been well maintained, but, they have not been updated nor renovated. As a result, in-place rents are 25% to 45% below current market. Renovating Midtown Apartments will allow us to achieve higher rents than competing non renovated, older apartment projects in the same neighborhood. As soon as we achieve higher rents and stabilized occupancy, we will sell the project.
Our goal is to sell the properties in the second year of ownership. With five separate properties all in great rental locations, you are diversifying your investment within one partnership making this a favorable investment opportunity.
Prefunded WLA investors will have priority if commitments are received by July 29, 2016. We expect the response to be high; therefore, we suggest that you respond with your commitment promptly. Investment commitments will be honored on a first-come, first-served basis. Therefore, we must receive your funding and investment commitment as evidenced by your completed Signature Page (included in this offering package) as soon as possible.