Acquired in June 2017 from the original developer from the 1960’s & 1970’s, The CitiZen South Bay was a 506-unit apartment portfolio consisting of 3 separate properties throughout 91 total buildings. The properties run over a mile long in Torrance, California, a rental market in high demand. Prior to acquisition, the properties within the portfolio were underutilized, as effective rents were over 50% below market. In order to move rents in-line with the market, NextGen enhanced the portfolio by preserving the well-maintained landscape, painting the exterior, and renovating the outdated apartment interiors. The renovation scope for the unit interiors included 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 CitiZen South Bay Portfolio was a rare offering in its market. After a 30-month hold period, the portfolio was successfully sold.