5
Units delivered
Multifamily · North Hollywood
The Case V
5651 Case Ave · Refinanced & Held · 5 Units · 2023 – present
2.4x
Equity multiple to date — unrealized
42.9%
Gross profit on cost
Under budget
Delivered below construction budget
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 21 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. Total project cost was $2.80M against a current value of roughly $4.00M — $1.20M of value created at a 42.9% gross profit on cost.
Sponsor equity of roughly $0.50M carries a mark of approximately $1.21M today, about 2.4x, unrealized until sale. Debt service coverage sits at 1.01x — the tightest of the three retained buildings, and the reason this asset is watched most closely on rate and vacancy movement.
Gallery
The property.
Return On Investment
The numbers.
| Strategy | Total project cost | Disposition / value | Gross profit | Profit on cost |
|---|---|---|---|---|
| Ground-up multifamily | $2.80M | $4.00M | $1.20M | 42.9% |
Equity Position — Unrealized
| Equity invested | Equity value today | Multiple to date | DSCR | Status |
|---|---|---|---|---|
| $0.50M | $1.21M | 2.4x | 1.01 | Held — unrealized |
Equity value = appraised value less first trust deed debt, per SREO dated 7/14/26. Multiples to date are unrealized and are not proceeds. Junior portfolio debt also encumbers this asset.
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.
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
Archwest refinancing; asset retained at 1.01x DSCR.
The Takeaway
Coverage ratios are a risk disclosure, not a footnote. At 1.01x DSCR this asset has minimal cushion, and we say so.
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