Acquired “off-market” in January 2020 from a long-term owner, the CitiZen Beach Collection is a 240-unit apartment portfolio consisting of 9 separate properties across 17 total buildings. Predominantly located in Redondo Beach, the entire portfolio spans four different high-demand rental markets of the South Bay of Los Angeles. The properties within the portfolio have been well-maintained for decades but are underutilized. Effective rents are over 50% below market. In order to move rents in-line with the market, NextGen will enhance the portfolio by preserving the well-maintained landscape, painting the exterior, and renovating the antiquated apartment interiors. The renovation scope for the unit interiors will include new kitchens with quartz countertops and stainless-steel appliances, contemporary subway-tiled bathrooms, adding in-unit washer/dryers, and wood-inspired vinyl plank flooring throughout. In a location with very few renovated multifamily products and growing demand, the South Bay Collection was a rare offering in its market.