LMDG Fund II Open Phase 1 Almost Closed
LMDG Real Estate Value Fund II, LP has acquired its first asset less than 30 days from the launch of the fund, the property consists of an 8 unit value-add apartment building located in Alamitos Beach (Long Beach, CA). The property was acquired at approximately 60% of replacement cost and is operating at rents 40% below market.
The property is strategically located near Long Beach's Retro Row, a unique eclectic enclave of approximately 100 independently owned and operated businesses that offer goods, restaurants, and entertainment.
LMDG will renovate and stabilize the property (rent-at-market) at which time we estimate the value to be in the $2.9m - $3.2m range.
Fund II is still open but will be closing phase 1 soon. For more information, download our flyer which outlines the strategy of the fund, track record, fund structure, and projected returns.