5
Units delivered
Multifamily · North Hollywood
The Case V
5651 Case Ave · Refinanced & Held · 5 Units · 2023 – present
Under budget
Delivered below construction budget
Held
Refinanced into term debt
North Hollywood
Submarket
The Investment
Delivered under budget — the rarest sentence in development.
A ground-up five-unit building in North Hollywood, delivered for less than its construction budget. Across 22 projects and two decades, cost overruns are the norm and underruns are the exception; this project is the exception.
The building was refinanced through Archwest and retained as a stabilized rental rather than sold.
Of the three retained buildings, it is the one watched most closely for interest-rate and vacancy movement.
Gallery
The Property.
The Outcome
How It Finished.
| Strategy | Result | Years |
|---|---|---|
| Ground-up multifamily | Refinanced & held | 2023 – present |
Detailed project financials are discussed privately with investors we have an established relationship with. How we work with investors →
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. Sale prices are recorded sale prices. 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.
2023
Acquire
North Hollywood site acquired for a five-unit program.
2023
Permit
Ground-up multifamily entitlement and permitting completed.
2023–2025
Build
Construction delivered under the approved budget.
2025
Stabilize
Units leased and building stabilized.
2025–2026
Refinance & Hold
Refinanced through Archwest; asset retained.
The Takeaway
Coming in under budget is the cheapest risk control there is. Every dollar not overspent is a dollar that never has to be financed.
Investor Relationships
Interested in How We Work?
We develop Los Angeles residential projects alongside investors we know well, and the principals personally guarantee the project loans, never our investors. Project details are shared privately, once we’ve gotten to know you. Nothing here is an offer to sell or a solicitation to buy any security.