LMDG Fund II Issues First Investor Distribution
Lujan/Merriman Development Group ("LMDG") is excited to announce the first investor distribution for LMDG Real Estate Value Fund II, LP ("Fund II") with the sale of 315 Cherry Ave in Long Beach, CA. 315 Cherry Ave was acquired in June 2018 and was completely renovated and stabilized with new tenants over the past year. Gross rental income for the project increased over 80% from the time of acquisition. The property was sold in July 2019 generating a project level IRR of 46% and an equity multiple of 1.43. LMDG continues to be pleased with the remaining properties in Fund II and the progress with renovations and the rents being achieved upon stabilization. Additional distributions are expected for 2019. LMDG has also chosen to eliminate the 2% management fee for Fund II.
LMDG is proud to announce the launch of its third fund LMDG Fund III, LP. ("Fund III") Fund III will focus on intrinsic real estate value that translates into long term cash flow and immediate value enhancement. Fund III targets assets within coastal cities in Los Angeles and Orange County as well as strategic neighborhoods within Los Angeles, Hollywood, and West Hollywood.
The first property going into Fund III, a 10 unit building in Santa Monica, is currently in escrow and is expected to close during Q4 of 2019.
For more detail, download the Fund III flyer today.
Regards,
Aaron Merriman
Direct: +1 949 677 7858
Office: +1 949 630 2483