3.7x
Equity multiple to date — highest of the retained assets
Multifamily · Hollywood
The June IV
1323 N June St · Refinanced & Held · 4 Units · 2023 – present
4
Units delivered
51.7%
Gross profit on cost
1.19
Debt service coverage ratio
The Investment
The highest equity mark of the three retained buildings, on the smallest check.
A ground-up four-unit building on North June Street, Hollywood-adjacent — a submarket where land basis is high but rental demand is deep and consistent.
Total project cost was $2.38M against a current value of approximately $3.60M, producing $1.23M of created value at a 51.7% gross profit on cost. The building was refinanced through Acra and retained rather than sold.
The equity story is the notable one: roughly $0.39M of sponsor equity — the smallest position of the three retained assets — carries a mark of about $1.44M today, approximately 3.7x. That is a function of leverage and basis, and like the other holds, it is unrealized until the asset trades.
Gallery
The property.
Return On Investment
The numbers.
| Strategy | Total project cost | Disposition / value | Gross profit | Profit on cost |
|---|---|---|---|---|
| Ground-up multifamily | $2.38M | $3.60M | $1.23M | 51.7% |
Equity Position — Unrealized
| Equity invested | Equity value today | Multiple to date | DSCR | Status |
|---|---|---|---|---|
| $0.39M | $1.44M | 3.7x | 1.19 | 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
Hollywood-adjacent site acquired for a four-unit program.
2023
Permit
Ground-up multifamily permitting completed.
2023–2025
Build
Four-unit building constructed and delivered.
2025
Stabilize
Units leased into deep Hollywood rental demand.
2025–2026
Refinance & hold
Acra refinancing; asset retained at 1.19x DSCR.
The Takeaway
Equity multiples on levered holds are sensitive to basis. A small equity check against a strong valuation produces a large multiple — and a large sensitivity to value movement.
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