281 Dupont St
The Principals created a presence in the western Riverside County/Corona marketplace with the purchase and condominium mapping of West Corona Freeway Center. This presence created relationships with local owners, and the Principals were presented with an opportunity to purchase 281 Dupont Street in an off-market acquisition. The Dupont Street property is similar to West Corona Freeway Center with visibility from and immediate access to the 91 Freeway, with its 300,000 daily car trips. The Principals purchased 281 Dupont in early 2021 for $2.9 million and the Management Company immediately commenced processing a condominium map to sell the individual units. The Management Company projects additional investment of approximately $239,000 to improve the property and process the map during a 19-month hold. The unrealized, projected gross sales amount is $4.32 million, creating a 58.1% gross IRR and a 2.08 multiple on invested equity.