Grossmount Multifamily Complex

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Property Overview

The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with belowmarket rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete secondstory walkway decks.

The spacious floorplans are well-appointed with granite countertops, new cabinets, above the range microwave appliance packages, wall air conditioning, dual pane windows, large closets, patios and vinyl plank flooring. Centrally located in La Mesa, The Grossmont is a short drive to Interstate-8 which serves as a key interregional east/west travel corridor through San Diego County, and is one of the more heavily trafficked freeways. The property is only 0.5 miles from Sharp Grossmont Hospital and The Grossmont Shopping Center. Sharp Grossmont Hospital is East County’s largest health care facility with 524 beds, cutting edge medical care, and total patient revenue of over $3.7 billion.

The Grossmont Center is an outdoor shopping mall with 100 unique stores, over 20 restaurants, and 10 large movie screens. The Grossmont Transit Center is a short 3-minute walk from The Grossmont, and provides residents effective high-quality rail and bus line transportation options for convenient access to major employment centers and popular destinations. San Diego State University, with a student body of over 34,000 is 5.0 miles West of The Grossmont along the I-8 corridor, and generates over $2.4 billion annually for the San Diego economy. Downtown San Diego is just a 15-minute drive from The Grossmont.

Investment Criteria

  • COVID-Resilient Market: Based on CBRE data, the DC metro region saw the lowest rent declines during the Great Recession compared to other gateway markets, dropping just 2.3% from peak to trough over five quarters, and it took the DC region just two quarters to recover. The DC metro area has historically proven to be very resilient due to the stabilizing effect of Federal spending.
  • Affordable Solution to an Unaffordable Market: While a resilient market is great for investors, it also means a less affordable rental market for consumers. Micro-units are the solution to this problem, providing renters a more affordable option on a per-unit basis, while providing owners the opportunity to charge a higher cost per square foot than they would in a traditional apartment complex. The building design primarily calls for smaller junior 1-bedroom units with high-end communal and amenity space which will provide an affordable price point to young renters that seek to rent in an amenitized and new boutique building in an “A+” location. Given the smaller unit size (400 SF average), the project is able to achieve a price point of approximately $2,300 per month for junior 1-bedroom units, representing a significant discount to 1 BR units at other recently constructed products in the market.
  • Location: 2220 11TH – Micro Unit Apartments is uniquely located in Shaw – one of the best neighborhoods in Washington DC – and is just a 10-minute bike ride to the White House and many of the city’s iconic monuments. Importantly, the Property is just steps to the established 14th Street and U Street retail and restaurant corridors while also located in the pathway of significant current and future development, representing incredible upside potential. Despite having immediate proximity to some of the most desirable and exciting retail and entertainment destinations in the District, 2220 TH is uniquely located on a quiet and residential street slightly removed from all the noise and pedestrian traffic.
  • Local Amenities: The Property is located in the heart of DC’s entertainment and nightlife district. 2220 11TH is walking distance to established destinations like The 9:30 Club and Howard Theatre, as well as new retail and entertainment including Michelin-Starred restaurants, exciting nightlife, boutique shops, and a Landmark Cinema. In July of this year, a brand new 45,000 square foot Whole Foods Market opened just two blocks from The Property.
  • Access to Public Transportation / Accessibility: The Property is located less than three blocks from the U Street Metro Station (Green and Yellow Lines) and is within 1⁄4 mile of several major bus routes and four Capital Bikeshare locations. 2220 11TH – Micro Unit Apartments has an impressive Walk Score of 97, a Transit Score of 83 and a Bike Score of 89.
  • Class A Buildout and Thoughtful Unit Design: Utilizing large floor-to-ceiling glass, 9.5’+ ceiling heights, creative ambient lighting, separate sleeping and living spaces, thoughtful storage, and modern kitchen design, the units feel much larger than their square footage implies. Amenities include a luxurious lobby, fitness facility, rooftop lounge and study, chef’s kitchen, two rooftop terraces with monument views, an Amazon hub system, cold storage for grocery delivery, bike & resident storage, and more. In addition, the building will be Type 1 steel and concrete construction, resulting in noise attenuation between floors.
  • Young, Affluent, and Growing Demographics: Shaw and the 14th/U Street Corridor is characterized as young, affluent, and growing fast. The average household income in Shaw is over $137,000 and the median age is 32 (according to Claritas). In addition, more than 70% of the residents within this submarket are college graduates. Located just blocks from the Property, Howard University (HU) welcomes 10,300+ students annually. HU attracts the ideal renter pool of smart, transient-oriented renters by choice.
  • Direct Metro to Amazon HQ2: The Project will be only 7 stops (or approximately 15 minutes) on the Yellow Line to National Landing, VA. Amazon’s new headquarters will result in $2.5 billion in direct investment including the construction of 4.1 million square feet to accommodate 25,000 to 38,000 jobs with an average wage of over $150,000.

Property Photos