Stoneridge By The Lake

La Mesa - San Diego, CA | 46 Units

  • Built 1978 and fully renovated in 2005 at condo conversion ($80,000+ invested per unit)

  • Purchased o market as condo quality asset at signi cant yield premium to comparable apartments

  • Acquired 42 units in 2012 for $8,025,000 / $191,000 per unit

  • Acquired additional 4 additional units during hold to control 46 of 51 units

  • Re-branded community with refreshed logo, signage upgrade and new website

  • Enhanced pool area with addition of cabana & constructed new on-site leasing office

  • Refinance closed 2016 at $12,500,000 value / $250,000 per unit

  • Refinance resulted in 10%+ current yield and 30%+ return of capital to investors