Rising Glen

Transaction Summary:

In March 2013, CGI purchased actor Ryan Phillippe’s former residence on Rising Glen Road, located in the coveted “Bird Streets” above the Sunset Strip with sweeping views of greater Los Angeles. The property features two separate structures encompassing open living spaces and thee bedrooms as well as a den, movie theater, gym, bar area, and 75 foot long pool, making the property an ideal venue for large scale entertaining as well as day-to-day living. CGI’s total project costs of approximately $11.0MM were structured with a $7.0MM construction loan and $4.0MM in equity.

Investment Strategy:

CGI acquired the property in 2013 with the vision of crafting a contemporary residence that would provide appeal on a grand scale while still preserving an intimate living experience. After purchasing a house with an ungainly combination of boxy rooms and awkward orientations, the main goal was to rebuild the property in a more logical manner, giving all the main rooms in the house full-city views and creating a sensible flow and luxurious feel throughout. Rising Glen generated a total investor return of $4.4MM,which represents 110% total and 44% annual return on equity over the two and a half year project period.