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Case Study:

Beverly Arnaz Los Angeles, CA

Acquired
Jun 2011
No. of Units
100
Status
Under Renovation

Built in 1980, Beverly Arnaz is a 100-unit urban infill apartment community located in the exclusive 90048 ZIP code of Los Angeles, directly adjacent to Beverly Hills and two miles south of West Hollywood. Centrally located near major transportation arteries, the property provides convenient access to a majority of Los Angeles County. The property is located near major employers like Cedars-Sinai Medical Center, UCLA, Pacific Design Center, Paramount Studios, Twentieth Century Fox, and Kaiser Permanente West Los Angeles.

After separating from their operating partner as part of a national reorganization, the institutional seller was disposing of underperforming assets in their portfolio. IMT’s ability to close in a short timeframe without financing contingencies helped secure the transaction, and Fund II acquired Beverly Arnaz in June 2011.

Upon acquisition, IMT began a comprehensive operational and capital improvement program to fully reposition the property. IMT captured incremental revenue through tighter expense controls and better on-site management, and began renovations to the exterior and common areas. Completed in August 2012, this first phase included renovations to the leasing office and business center, upgrades to the fitness center, new exterior painting, and a redesign of the main hallways. The second phase of the capital improvement plan began in the fall of 2012, targeting unit interiors, with upgrades to meet the discerning tastes of this submarket’s younger, affluent demographic.