Investment Opportunity

5365 Crenshaw Blvd.

Praxis Development Group as Developer for 5365 Crenshaw LLC is seeking Co-General Partner or Limited Partner equity investment of +/- $7.1 Million. Project entitlements have been unanimously approved by planning commission and building permits are anticipated ready-to-issue by Q3 2023.

Woman Owned

Black Owned

Locally Owned

Land Costs: $3,057,875 (13.0%)
Hard Costs: $15,045,350 (64.0%)
Soft Costs: $4,060,926 (17.3%)
Carry Cost: $1,353,279 (5.8%)
Total Uses: $23,517,430 (100.0%)
Studio: 15 MR* + 2 AFF**
1-Bed: 20 MR* + 3 AFF**
2-Bed: 6 MR* + 1 AFF**
3-Bed: 1 MR*
Total: 42 MR* + 6 AFF**
and 2,000 SF of commercial space
*MR = market-rate
**AFF = affordable at VLI (50% area median income)
Unlevered IRR: 21.8%
Yield-on-Cost (trended): 6.20%
Yield-on-Cost (untended): 5.60%
8.0% preferred return on capital
80%/20% split over 8% levered IRR
65%/35% split over 14% levered IRR
50%/50% split over 18% levered IRR