The Eleanor Apartments
Los Angeles, CA

Acquired by Trion Properties in August 2013, this 41 unit, 1920s ‘bricker’ located in the Westlake/Macarthur Park area was completely vacant and heavily distressed at acquisition. The building was purchased for $1.6MM, with an additional $1.75MM allocated to extensive rehab and renovations. These renovations consisted of completely modern interiors, as well as a tasteful 1920s themed exterior that complements the vintage of the property, appealing to the demographic of the area. As a result, the property went through a year 3 cash-out refinance with a valuation of approximately $9M and over 3x equity multiple, as the property continues to achieve the highest rent/SF in the Westlake/Macarthur Park neighborhood for a property of its vintage.
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No. of Units 41
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Acquisition Date August 2013
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Acquisition Price $1,600,000
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Disposition Price $8,950,000
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Hold Period 83 months