$4.20M
Sale price
Multifamily · North Hollywood
The Hortense VI
10742 Hortense St · Sold · $4.20M · 2024 – 2025
1.85x
Equity multiple
~42%
Deal-level IRR
21 mo
Hold period
The Investment
The multifamily build that proved the sale exit — then rolled forward tax-deferred.
A ground-up six-unit multifamily building in North Hollywood, and the counterpoint to the three retained assets: this one was underwritten with a sale exit and executed on it.
The building was completed and sold in October 2025 for $4.20M against $3.00M of total project cost. Sponsor equity of $544,340 returned $1,006,430 — a 1.85x multiple and roughly 42% XIRR over a 21-month equity hold, computed on dated cash flows.
The disposition proceeds were exchanged under Section 1031 into 1949 17th St in Santa Monica, deferring the gain and rolling the capital forward into the next project rather than paying it out to tax. That exchange was a sponsor-owned transaction and should not be assumed to apply to any Assemble Capital investment.
Gallery
The property.
Return On Investment
The numbers.
| Strategy | Total project cost | Disposition / value | Gross profit | Profit on cost |
|---|---|---|---|---|
| Ground-up multifamily | $3.00M | $4.20M | $1.20M | 40.0% |
Equity Performance — Realized
| Equity invested | Total returned | Net profit | Hold | Multiple | IRR |
|---|---|---|---|---|---|
| $544,340 | $1,006,430 | $462,090 | 21 mo | 1.85x | ~42% |
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.
2024
Acquire
North Hollywood site acquired for a six-unit ground-up program.
2024
Permit
Multifamily permitting completed.
2024–2025
Build
Six units constructed and delivered.
2025
Market
Marketed as a stabilized multifamily asset.
Oct 2025
Exit
Sold at $4.20M; 1.85x / ~42% XIRR over a 21-month equity hold.
2025
Exchange
Proceeds exchanged under Section 1031 into 1949 17th St, Santa Monica.
The Takeaway
Underwriting multiple exits means the sale option is real. This asset was built to be sellable, and it sold.
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