3
Fee-simple TIC units sold
Tenancy-In-Common · Culver City adjacent
The David III
5832 David Ave · Sold as TIC · $2.91M · 2023 – 2026
$2.91M
Combined sellout
1.41x
Equity multiple
26 mo
Hold period
The Investment
The proof-of-concept for the tenancy-in-common exit — now the model at 1925 19th St.
Tenancy-in-common is a structure that lets a small multifamily building be sold as individual homes to individual buyers, rather than as a single income asset to an investor. The unit buyer pool pays a premium to the bulk value, because they are pricing a place to live, not a cap rate.
5832 David Ave was built ground-up as a triplex and sold as three separate fee-simple TIC units across closings from November 2025 through February 2026, totaling $2.91M against $2.43M of total project cost. Sponsor equity of $448,707 returned $630,439 — a 1.41x multiple and roughly 17% XIRR over a 26-month hold.
The returns here are the most modest of the realized exits, and the reason is instructive: a TIC sellout takes time. Three units close on three separate timelines, each dependent on an individual buyer securing individual financing. What the project bought was not an outsized return — it was a documented, executed template for the TIC pathway, which is now being applied at 1925 19th St in Santa Monica (AC IV).
Gallery
The property.
Return On Investment
The numbers.
| Strategy | Total project cost | Disposition / value | Gross profit | Profit on cost |
|---|---|---|---|---|
| Ground-up triplex, sold as tenancy-in-common units | $2.43M | $2.91M | $0.49M | 20.2% |
Equity Performance — Realized
| Equity invested | Total returned | Net profit | Hold | Multiple | IRR |
|---|---|---|---|---|---|
| $448,707 | $630,439 | $181,732 | 26 mo | 1.41x | ~17% |
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
Culver City–adjacent site acquired for a ground-up triplex.
2023
Permit
Triplex permitted with a TIC exit structure underwritten from the start.
2023–2025
Build
Three units constructed to for-sale finish standards, not rental spec.
2025
Structure
TIC legal structuring, partial-release terms, and buyer-financing availability arranged.
Nov 2025 – Feb 2026
Sell out
Three fee-simple units closed individually, totaling $2.91M.
2026
Result
Equity returned 1.41x / ~17% XIRR over 26 months; template proven for AC IV.
The Takeaway
A TIC sellout trades speed for price. The premium over bulk value is real, but so is the absorption timeline — and the bulk-sale fallback has to be underwritten before you start.
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