$8.65M
Sale price — neighborhood record
Single Family · Hollywood Hills
The Apex HH
7115 Macapa Dr · Sold · $8.65M · 2019 – 2023
3.21x
Equity multiple
~37%
Deal-level IRR
47 mo
Hold period
The Investment
The highest-multiple exit in the portfolio — and a lesson in what patience buys.
Acquired in 2019 as an under-improved hillside home on a street the principals had worked for over a decade. The thesis was floor area: the lot carried unused FAR that a buyer pool focused on existing square footage had consistently overlooked.
The business plan was a studs-out rebuild paired with an expansion — the harder, slower path, but the one that repositioned the house into a different price tier entirely. Mid-hold, a $1.67M second trust deed recapitalization returned capital to the sponsor while the remaining equity stayed at risk through completion.
The home sold in 2023 for $8.65M, a neighborhood record at the time of closing, returning $4.09M on $1.27M of equity over a 47-month hold.
Gallery
The property.
Return On Investment
The numbers.
| Strategy | Total project cost | Disposition / value | Gross profit | Profit on cost |
|---|---|---|---|---|
| Studs-out remodel + FAR expansion | $5.55M | $8.65M | $3.10M | 55.9% |
Equity Performance — Realized
| Equity invested | Total returned | Net profit | Hold | Multiple | IRR |
|---|---|---|---|---|---|
| $1,274,516 | $4,093,460 | $2,818,944 | 47 mo | 3.21x | ~37% |
This project was completed by the principals through Thornton Development Group or an affiliated predecessor entity. It was not an Assemble Capital offering and did not involve Assemble Capital investors. Figures are sponsor-level, pre-tax, unaudited, and derived from internal records, closing statements, and lender documentation. Past performance is not indicative of future results.
Investment Cycle
How the deal ran.
Every project follows the same arc — acquire, design and permit, build, market, exit. What changes is where the time and the risk concentrate.
2019
Acquire
Off-market hillside acquisition at a basis that priced the house, not the unused floor area.
2019–2021
Design & permit
Expansion design and hillside permitting — the long pole, and the source of the margin.
2021–2022
Build
Studs-out rebuild executed with in-house construction management.
Mid-hold
Recapitalize
A $1.67M second trust deed returned capital early while equity stayed at risk.
2023
Exit
Sold at $8.65M — a neighborhood record at closing.
The Takeaway
Complexity premium plus patient expansion. The unused FAR was visible to anyone who pulled the zoning; converting it took four years of execution.
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