Let’s face it – the housing shortage is real in California. Housing insecurity affects nearly half of all adults at some point in their lives, and each year the shortage gets worse. Therefore, we at Golden Bee Properties are answering the call for affordable housing in a different way.
We’re doing this by helping to provide workforce housing to tenants receiving assistance through the Federal Housing Act and other nonprofit subsidy platforms. By acquiring Class B and C properties and remodeling them with stand-out modern designs, our team creates valuable housing for middle-income workers – all while still producing some pretty remarkable returns for our investors.
In fact, we’re very proud to announce we’ve closed on Ackerfield 2, our largest acquisition to date.With 143 units, this Long Beach property is intended to undergo a heavy value-add remodel, with the addition of 10 accessory dwelling units to create an even wider range of housing options for the working class. For our investors, the projected Internal Rate of Return (IRR) is 18%.
Ackerfield 2 – Long Beach, California
143 Unit Workforce Housing Portfolio
Acquisition Price: $37,050,000
Construction Cost: $4,600,000
Price per Unit: $259,000
Project-Level IRR: 16%
Strategy: With 70% leverage at 3.35% interest from Brightspire Capital. The assets will be held for 3-5 years.
We’ve achieved an incredible amount in the past five years, with returns for our investors ranging from 10 percent to over 50 percent. All this while creating safe & affordable housing for families of the firefighters, teachers, health care workers, and the many other working-class people who make up 60% of the US population.
With our cool corporate culture and our eye towards affordable housing, we’re not your average real estate investment company. But the fact that our investors continue to reinvest with us speaks to the hard work and trust they have in our team. We’re glad to combat the housing shortage, and as a prospective renter – we hope you’ll consider one of our newly remodeled units. Want more information on investing with Golden Bee through our latest fund: the CalNeva Workforce Housing Fund? Just visit our investor’s portal here.