Located on a prime street in the Silver Lake neighborhood of Los Angeles, the Sanborn project was acquired in 2015 for $2,792,000. Originally built in 1990 as a condominium project, this 7-unit property is not subject to Los Angeles rent control and therefore presented a unique value-add opportunity. After acquisition, Maywood completed a full renovation of the building, including replacing all doors and windows, remodeling unit interiors with new kitchens, bathrooms, and washer-dryers in each unit, and improving the exterior and landscaping. All units were re-leased at prevailing market rents, increasing the gross annual rental income from $151,000 at acquisition to $285,000 at stabilization in 2016. Since stabilization, we have continued to increase the rental income through natural turnover. The current gross annual income is $317,000. Maywood has refinanced the property three times, each time with substantial cash out proceeds. Investors have received a return of 65% of their original capital investment. The current estimated value is $5,100,000, which equates to an Equity Multiple of 2.21x and an IRR of 19.4%. There are multiple exit strategies, as the units are legal condominiums and can be sold individually to maximize value.