3
Fee-simple TIC units sold
Tenancy-In-Common · Culver City adjacent
The David III
5832 David Ave · Sold as TIC · $2,910,000 · 2023 – 2026
$2,910,000
Combined sellout
26 mo
Hold period
Culver City adj.
Submarket
The Investment
The proof-of-concept for the tenancy-in-common exit.
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 $2,910,000.
The lesson is that a TIC sellout takes time. Three units close on three separate timelines, each dependent on an individual buyer securing individual financing. What the project produced 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.
The Outcome
How It Finished.
| Strategy | Result | Years |
|---|---|---|
| Ground-up triplex, sold as tenancy-in-common units | Sold — $2,910,000 | 2023 – 2026 |
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
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 $2,910,000.
2026
Result
TIC sellout completed; template documented for future projects.
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.
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.