EQUITY MULTIPLE 1.53x
LEVERAGED IRR 15.61%
The 64 unit Seabreeze Apartments was an opportunistic purchase that became available due to financial pressures on the seller to move the asset in order to proceed with other development projects and a pending construction loan maturity. The recently constructed property was available at below replacement cost in the supply-constrained Santa Barbara market.
DIG created signage and identity for the property which was lacking from prior development. With efficient management in place, DIG managed the stabilized asset until sale in August of 2015.