Barak Investors Group & MIP Investment Announced Today Acquisition Of A Newly Renovated, Trophy Apartment Building, In Malibu, CA

LOS ANGELES, Oct. 12, 2017 /PRNewswire/ -- Barak Investors Group & MIP Investment arranged the acquisition of a 12-unit trophy apartment community with an additional non-conforming unit overlooking the Pacific Ocean located at 20747 PCH, Malibu. This building was originally built in 1963 and completely renovated in 2015-2016. 20747 PCH is a turnkey luxury apartment community in an unparalleled location with approximately 20% of upside in rental income through raising all rents to market levels already achieved at the property. The property's location near the southern border of Malibu provides residents with access to Downtown Santa Monica in approximately 10-15 minutes while still being within 10 minutes of Malibu Colony Plaza, Malibu Lumber Yard, and Malibu Country Mart.

Previous owner has spent approximately $1,900,000 to "gut rehab" the property in 2015-2016 with a total building square footage of 9,620SF. The property features a 2,816 SF deck overlooking the Pacific Ocean with a hot tub, lounge furniture, custom waterfall, and zen garden. Unit interiors include Samsung and GE stainless steel appliances, LG washers and dryers in units (Bosch in owner's unit), European-style soft close cabinetry, caesarstone countertops, beautifully restored original wide plank hard wood floors, double paned windows, glass tile backsplash, recessed lighting, and customized bedroom closet systems. The south edge of the property includes a small green space perfect for yoga enthusiasts.

Omid Broukhim
[email protected]
310-980-5196

David Maghen
[email protected]
310-388-9638

SOURCE Barak Investors Group & MIP Investment