multifamily. color I'd our of on provide David. pipeline, you, the an you on is to development Thank take which like give update status multifamily time the also and recent expansion more portfolio to primarily our
criteria. add As fit David market. barrier-to-entry described, we in were that target premier We have that vintage, high three focused asset properties our on to new acquisition highly-amenitized, pleased
transaction. we XX% the XXXX First, Los completed in an acquisition XX-unit interest Park, off-market Avenue, Angeles, a Echo apartment in building, in Park in of
constructed a XXXX. building Park that in Avenue attractive Our at cost in which door, per approximately XXXX substantially is below replacement highly $XXX,XXX we is was basis believe for
outsized over We changes, rent market opportunity as of and building, common impact have rate require lighting amenities desirability to limited on increase process the are CapEx. an the We the significant some to which provide building upgrading for and time the residents this landscaping, tenant in including to in. new cosmetic making the of will believe move
Next, assets of XX-story House, in Channel challenges in current building, basis XXX-units Clay, apartment mentioned, apartment believe We highly an XXXX. discount the to XXXX that is a X-story were assets XXX-units to completed completed the Bay and acquire premier attractive Oakland, replacement us the market opportunity A Oakland and that we current Area a in the building. substantial David are acquisition as present Both a those cost. building at Class
$XXX,XXX Channel Our is for approximately XXXX door. is House per per $XXX,XXX Clay, it basis door and
supply process of significant take that This we is is absorbed, expect which XXXX. is through saw a new Oakland time. supply, market little being growth from XXXX the a in to
for the development economic U.S. pipeline increase average significantly However, need dramatically rent market, is new below for the and the XX it top to is would to the build. before
in renting lower stabilized, cost assets mortgage In those were of market. than owning were Once would place refinance to significantly assets. those development the longer-term assets look addition, during attractive into the of that in like acquired with are financing. we this Those to
pipeline. to our development Turning
those we portfolio extensive we discussed on an year. have calls, conducted last As previously our review of
and we we X,XXX develop in Sacramento. can result, more own believe already multifamily Austin, Los the than we Angeles, land Bay a units As on Area
to make on continue progress We pipeline. those
of projects and the process we are we development now Angeles, permit. that entitled, Los building have are ground-up obtaining now In in fully two
multifamily development assets. is CMCT XX-unit one in first Echo The to Park, adjacent other a two
to path These second The growth, Jefferson located Park. University close a just the the is in proximity XX-unit a of in Southern mile-and-a-half in from City is and assets project Culver multifamily California. of
ground-up year start on to option opportunity. this the have this two will We construction
For all those as growth. work believe the increase well work, design obtain will the we completing the holding to value to which as pipeline, approval for allow of we continue future balance necessary and of our
meet update to the building XXXX we Park, I entertainment, XXXX. the demand acquiring acquired also Since JV in a of wanted and with partner have to Echo company. upgrading asset the provide an Sunset office on media actively we Boulevard in been asset, the technology
XX%, percentage the to of increased leased year. from end pleased has up now that last XX% We are the
With over to Steve turn that, I will update provide an on portfolio. it to the
