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[column]<strong>SITUATION:</strong>
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•<b>1970-2012:</b> Seller was a family and operated the property with the focus on maintaining high occupancy and below-market rents.
•<b>2013:</b> PRG acquired the property via an off-market transaction at $264/sq. ft., representing a 30% discount to replacement cost.
•Nearly all of the tenants were on month-to-month leases. Average unit size is 1,000 square feet.
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[column]<strong>STRATEGY AND EXECUTION:</strong>
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• Attractive West Los Angeles location provides opportunity to improve and modernize the appearance of the property.
• Entered into one year lease agreements with the month-to-month tenants.
• Engaged architect to collaborate on new façade and signage plan.
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<div id="results"><strong>RESULTS:</strong>
•Strategy and Execution Plan is currently in progress.