A “boutique real estate investment firm” says it’s secured $50 million to buy up dated single-family properties in “up-and-coming neighborhoods” on the Southern California coast and transform them into high-end properties.
American Coastal Properties LLC says it plans to buy and “reposition” 40-60 homes per year in targeted areas including San Diego, Orange and Los Angeles counties.
The funding the company has secured from international investment firm Colony Capital and the Pritzker/Vlock Family Office will allow it to invest 50 to 100 percent of the purchase price on renovations. Many investors lack the operational skill and capital for such undertakings, the company says. Source: marketwired.com