Strategies · Underwriting Discipline
Complexity Is
the Margin.
Value-add and opportunistic residential investing in Los Angeles. Two core strategies: SB 684 / SB 1123 small-lot development, building new fee-simple homes on Westside infill lots, and luxury residential development in prime submarkets. Multifamily and TIC housing complement them, and we acquire wherever zoning, entitlement or exit complexity thins the buyer pool.
Investment Thesis
The best deals are too big for local flippers and too small for the big funds.
That's the space we live in. Land is scarce, permits are hard, new supply is thin, and buyer demand never quits in the neighborhoods we work — so the operator who can handle the complexity captures the value.
That is the value-add and opportunistic thesis: we buy where execution, not market appreciation, creates the value. The platform rests on two core strategies. SB 684 and SB 1123 let one infill lot become several fee-simple homes on objective standards, with no discretionary hearings. Luxury residential development turns under-improved homes in prime submarkets into finished, record-setting residences. Both reward exactly the kind of complexity a specialized operator can turn into value; multifamily and TIC projects round out the pipeline when the right site comes along.
Before we buy anything, we map out more than one way to exit. The plan is set before closing, not improvised after.
Where each strategy sits — core strategies shown solid
Every deal is underwritten with more than one way out
01 · SB–684 / SB–1123 · Core Strategy
SB 684/1123 Fee Simple Subdivisions
One of our two core strategies. We are among the first developers executing SB 684 and SB 1123 ministerial small-lot subdivisions in the region, turning single infill lots into several new fee-simple homes, each on its own parcel and sold to owner-occupants with conventional financing. Four of our active projects are SB 684 subdivisions in Culver City.
- Investment profile
- Opportunistic
- Program
- 4 – 10 homes
- End-user pricing
- $1M – $1.5M
- Entitlement
- Ministerial — about 12 months to ready-to-issue permits, trending toward 9–10
- Construction
- About 12 months from ready-to-issue permits to completion
- Exit
- Fee-simple homes sold individually — no condo map or DRE public report
- Construction financing
- Sized on entitled value; see the case studies
02 · SFR–Redev · Core Strategy
Luxury Residential Development
One of our two core strategies, and where the principals built their record. Studs-out rebuilds, expansions and new construction on under-improved homes in prime submarkets — the strategy behind three neighborhood-record sales at closing in the Hollywood Hills.
- Investment profile
- Value-add & opportunistic
- Acquisition basis
- $2M – $6M
- Exit range
- $3M – $9M
- Business plan
- 12 – 30 months
- Approval path
- Remodel or by-right where possible
03 · MF–Dev
Opportunistic & Value Add Multifamily Development
Ground-up 4–20-unit multifamily projects, sold stabilized or refinanced into term debt and held — three delivered builds are currently held as 100%-occupied rentals.
- Investment profile
- Opportunistic & value-add
- Program
- 4 – 20 units
- Build duration
- 12 – 30 months
- Refinance discipline
- DSCR ≥ ~1.20 – 1.25x
- Sale vs. hold
- Decided by market at stabilization
04 · TIC
Tenancy-In-Common Housing
Small multifamily sold as tenancy-in-common units at a pricing premium to bulk value — the model executed at 5832 David Ave and now applied at 1925 19th St.
- Investment profile
- Value-add
- Program
- 3 – 4 units
- Sellout window
- 18 – 30 months
- Support required
- Resale-comp depth & buyer financing
- Fallback
- Bulk-sale value underwritten
Figures are underwriting targets, not promises or guarantees. Key risks per strategy — construction cost, absorption, entitlement, financing, and valuation — are addressed in each investment's definitive offering documents.
Working With Us
How We Work
With Investors.
Every project is its own LLC — one property, one business plan, one set of documents. The principals personally guarantee the project loans; investors never sign for the debt.
A Conversation
We start one-on-one: your goals, your experience with private real estate, and whether our projects are a fit. Performance history and project financials are shared privately in that conversation, not published.
A Specific Project
When a project is a fit, qualified investors review its business plan and offering documents privately. Terms are set project by project and governed solely by that project's private placement memorandum and operating agreement.
We Build
Our team handles everything from purchase through entitlement and construction to sale, with the principals personally guaranteeing the project loans and regular reporting through the investor portal.
The Exit
When the project sells or refinances, proceeds are distributed under that project's operating agreement, and investors receive a full accounting through the portal.
Nothing on this site is an offer to sell or a solicitation to buy any security. Any offering is made only through definitive offering documents to eligible investors.
Acquisition Criteria
Our Buy Box.
If a deal doesn't fit the box, we don't buy it. These are underwriting targets — final numbers are set per investment.
| Geography | LA infill — Westside, Santa Monica, Culver City, select Valley | Total capitalization | $2M – $12M per project |
| Equity check | $300K – $2.5M | Project duration | 12 – 36 months |
| Cost discipline | Hard-cost pricing before acquisition | Unit count | 1 – 14 units |
| Entitlement certainty | By-right or ministerial preferred | Viable exits | 2+ underwritten pathways |
| Comparable support | Multiple relevant resale comps | Dependence on appreciation | None — underwrite to today's comps |
| SB 684 / 1123 sites | Infill lots in the flats, preferably Westside Class A / A− / B+ neighborhoods (Culver City, Santa Monica, Mar Vista, Marina del Rey, Venice, Brentwood). Owner-occupied single-family homes or homes with no rental history in 5 years; no Ellis Act filings in 15 years; outside high fire hazard zones and the law’s other exclusions. Full site criteria → | ||
| Single-family remodels | Fix-and-flip remodels in Class A / A− / B+ neighborhoods, Westside preferred, with select hillside projects; room to add square footage and a short path to resale. In the City of Los Angeles, purchases are priced so the finished home sells below the Measure ULA threshold ($5,400,000); higher price points are considered in Beverly Hills proper and select Orange County and South Bay markets, where Measure ULA doesn’t apply and resale liquidity is higher than average. No design review board, HPOZ or Coastal Commission projects. Full remodel criteria → | ||
| Downside protection | Positive capital-preservation case required | Loan guarantees | Principals personally guarantee every project loan; investors never do |
Process
Fifteen Steps Between a Listing and a Closing.
Every acquisition passes a three-principal investment committee, in sequence:
Source & Screen
Deal sourcing through the brokerage network and off-market channels; zoning and entitlement screen; residual land analysis.
Price the Plan
Comparable-sale and absorption review; preliminary construction pricing; concept design and yield study.
Prove the Downside
Environmental, tenant, title, and legal diligence; debt-market testing; base, downside, and severe-downside underwriting.
Commit
Investment committee review by all three principals; final capital structure; closing approval.
Monitor & Exit
Post-closing business-plan monitoring; monthly budget-to-actual variance review; exit-readiness review.
Rejection Criteria
Reasons We Walk.
- Insufficient margin or unsupported resale pricing
- Inadequate comparable depth
- Excessive entitlement risk
- Unresolved tenant or affordable-housing exposure
- Inadequate interest reserve or contingency
- Unfinanceable construction plan
- Dependence on a single speculative exit
- Negative downside outcome
- Excessive construction cost per square foot
- Unacceptable loan-maturity risk
- Reliance on future capital without a committed source
- Insufficient liquidity to complete
Controls
The Risk-Management Framework.
Basis & Underwriting
Acquisition-basis discipline, required downside cases, comparable-sale depth, absorption sensitivity, maximum-leverage limits, minimum-liquidity policy.
Construction
Budget verification, contingency requirements, change-order approval, draw controls, lender inspections, monthly budget-to-actual.
Financing
Interest reserves sized through plan, maturity tracking and extension planning, refinancing-risk review, interest-rate sensitivity.
Entitlement & Legal
Ministerial pathways preferred, affordable-housing obligations tracked, tenant and environmental diligence, insurance requirements.
Portfolio & Governance
Concentration awareness, related-party disclosure, capital-call procedures, valuation policy with dated sources, investor reporting standards.
Key Person & Force Majeure
Three-principal structure, contractor default remedies, completion-guaranty exposure managed, material-litigation disclosure policy.