UPSIDE TO DEVELOPMENT
REPORT from Multi-Housing News calling it the "Deal of the Day:" Upside Investments Inc. boasts a quick turnaround on the 58-unit apartment building they put on Valerio St. at Reseda Blvd., behind the newish CVS pharmacy.
"We are extremely pleased to complete the full investment cycle--from design and build and lease-up to sale in 18 months, while netting a sizable return on invested equity," said Sean Baker, president of Upside Investments.
-- via Toppix.net
Firm is same that recent sold the former Getty Oil HQ for $40mil above their 2003 purchase price, says the LA TIMES:
The developer paid close to $60 million for the 22-story tower at the southwest corner of Wilshire and Western Avenue, which was completed in 1963 by oil tycoon J. Paul Getty.
The seller, Upside Investments Inc. of Calabasas, paid more than $20 million for the property in 2003 and announced plans to convert the offices to luxury apartments.
Project is part of a plan detailed by WILSHIRE CENTER
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