888 HILGARD

Investment Overview

In December 2013, CGI+ purchased a Class C apartment building built in 1976, comprised of 60 apartments totaling approximately 49,000 SF and located adjacent to the UCLA campus in Westwood, California, and near the Golden Mile corridor of Wilshire Boulevard. The property was ideally positioned to serve a corporate housing demographic.

CGI+ renovated the building whilst it was significantly occupied; re-branded the address and identity, and updated the exterior and landscaping. Modest structural upgrades were made to the building along with significant in-unit enhancements of up to $75,000 per unit in construction for kitchens, bathrooms, appliances, wood parquet flooring, and asbestos abatement. Additionally, CGI+ furnished and curated 60% of the apartments, increasing rents from $1,800 per month to a range of $3,200 to $9,000 per month.

In December 2015, CGI+ completed a refinance that resulted in a partial equity return based on an as-is appraised value of $37.6MM.