We acquire small apartment buildings across Los Angeles, renovate them, and sell each unit individually as an attainable home. The building is bought at its value as a rental. The finished homes are worth more. That gap, disciplined at purchase, is the return.
This document has been prepared by Conscious Communities Real Estate solely to provide preliminary information to a limited number of qualified parties who may be interested in the investment program described here. It is confidential, is intended only for the recipient, and may not be reproduced or distributed without written consent.
This document is not an offer to sell or a solicitation of an offer to buy any security, and it is not investment, legal, or tax advice. Any offer, if made, would be made only through definitive offering documents and only to eligible investors in compliance with applicable law. Nothing here should be relied upon as a promise or representation of future results.
The figures in this document are projections and illustrative models based on market data believed to be reliable as of July 2026. They are estimates. Actual acquisitions, costs, timelines, sale prices, and returns will vary, and may vary materially. Real estate investment involves risk, including the possible loss of principal. Forward looking statements are subject to assumptions that may prove incorrect. Each recipient should conduct an independent investigation and consult its own advisors before making any decision.
Certain deal level terms noted in this document are marked as not yet set and are shown as placeholders for discussion.
Los Angeles has a shortage of homes people can actually afford to buy, and a large supply of small, older apartment buildings. Our strategy connects the two. We purchase a 2 to 4 unit building at its value as a rental property, renovate it to a condo level finish, and re-sell each unit individually to a homebuyer as a tenancy in common. Sold one at a time to owner occupants, the units are worth substantially more than the building was worth as a rental. That difference, after renovation and every selling cost, is our profit.
A fourplex in Silver Lake and Atwater, priced as a rental
Re-sold as four individual homes
After every renovation, financing, and selling cost
The ask. We are raising capital to acquire and convert a pipeline of 2 to 4 unit Los Angeles properties. Each deal is self contained and short cycle (about six months), and every property is purchased for less than the combined value of its individual homes, so an investor position is secured by real estate bought at a discount, not by projections alone. Target investor economics are set out in The Offering.
The opportunity is real but narrower than a simple price gap suggests. Budgeted for a full condo quality renovation of an older building, two of our six model deals clear our 15 percent net margin bar at the price modeled, two would need a lower price, and two do not work. We buy only at or below a target price set for each building.
Small apartment buildings are priced on the rent they collect. Homes are priced on what nearby homes sell for. In Los Angeles those two numbers have drifted far apart, and that distance is the whole opportunity.
The entire business rests on one durable gap in how real estate is valued, and on the discipline to buy only where that gap is wide.
A buyer of a fourplex is an investor who pays based on the rent it collects. The more units a small building has, the less each one rents for relative to its size, so the price per square foot actually falls as unit count rises. In Los Angeles a duplex trades near $450 per square foot, a triplex near $380, and a fourplex near $320.
A buyer of a single home is a family who pays based on comparable homes nearby, not on rent. Comparable Los Angeles condos sell near $705 per square foot regardless of the building they sit in. Because we renovate every unit to a condo level finish, our finished homes sell close to that, about 6% under on average, near $665 per square foot. When we sell each unit as its own home, it re-prices from the low rental number up to that home number.
What we pay per square foot (navy bars) falls as units rise. What each home re-sells for (brass line) stays high. The gap is the opportunity.
The key point. Because the per square foot buy price falls as you add units, while the per home resale price stays high, the profit grows with every unit, up to four. A fourplex is the sweet spot: the most units we can convert while keeping the process simple and fast, and selling four homes keeps each project under the state threshold that would otherwise trigger a longer public report process.
The opportunity exists only where rental values sit well below home values, and the gap has to be wide enough to pay for a condo quality renovation. We rank every neighborhood by that gap, then test it with a full model deal at a real purchase price. Where a neighborhood has a model deal, the verdict is that deal's grade, because discipline about where, and at what price, is the single biggest driver of returns.
| Neighborhood | Buy $/sf | Home $/sf | Gap | Verdict |
|---|---|---|---|---|
| Central and Eastside: the core of our pipeline | ||||
| Jefferson Park and West Adams | $347 | $603 | 1.74x | Pass |
| East Hollywood | $478 | $772 | 1.61x | Negotiate |
| Mid-City and Arlington Heights | $455 | $681 | 1.50x | Negotiate |
| Atwater and Silver Lake | $539 | $792 | 1.47x | Pursue |
| Echo Park | $541 | $819 | 1.51x | Pass |
| Highland Park | $588 | $639 | 1.09x | Pass |
| Westside: selective, and only at the right price | ||||
| Palms | $613 | $717 | 1.17x | Pursue |
| Beverlywood and Pico-Robertson | $513 | $711 | 1.39x | Pass |
| Venice | $764 | $1,005 | 1.32x | Pass |
| West LA and Sawtelle | $1,041 | $740 | 0.71x | Pass |
| Westwood | $875 | $765 | 0.87x | Pass |
Home price per square foot here is the comparable condo value. Our finished homes sell about 6% under it on average, and the best low density layouts reach parity. That discount is already built into every deal figure in this document. Verdicts follow our net margin grades: Pursue at 15 percent or better, Negotiate from 5 to 15 percent, Pass under 5 percent. Renovation cost is set by square footage, kitchens, bathrooms, and building age, not by price, so it takes a larger share of the sale where homes sell for less. That is why our Jefferson Park and West Adams model deal, in the neighborhood with the widest gap, still fails at the modeled price: its finished homes resell near $568 per square foot, against about $723 in Silver Lake. A Pass grades the modeled price, not the neighborhood forever. Every model deal has a target price, and a building offered at or below it would advance. Highland Park, West LA and Sawtelle, and Westwood pass on the gap alone: the apartment building is already priced close to or above home value, so the market has left no room to profit.
Our buy box. Los Angeles County, 2 to 4 units, up to $4 million, with the core of the strategy under $2 million where the spread is widest and the buyer pool deepest. Above $2 million we underwrite selectively, and only on a value entry acquisition: a building priced well below its submarket multifamily norm, at or under the target price our model sets for that specific building, favoring larger buildings in strong exit eastside and central neighborhoods. The return is manufactured by buying right, not by paying market and hoping.
Honest note: at market pricing, higher band deals above $2 million do not clear our 15 percent net margin bar. That is precisely why the discipline is below market entry. Culver City and premium coast submarkets, where multifamily is bid up relative to the condo exit, are avoided.
The mechanism that turns a rental building into individual homes is the tenancy in common, a well established and financeable form of ownership. It is what lets us capture the pricing gap without a long city subdivision process.
A tenancy in common, or TIC, is a common way for several buyers to co-own one property while each holds the exclusive right to their own home.
In a tenancy in common, several buyers co-own one property, and a written agreement gives each owner the exclusive right to live in and control their own unit: their own home, their own front door, their own equity. It works like a condominium from the buyer point of view, but it does not require the long, expensive city subdivision process a condo conversion does.
Each buyer gets their own mortgage on their own share, so they build equity and pay it down like any homeowner. TIC homes are a common, financeable way for people to buy into neighborhoods they otherwise could not afford.
A renovated TIC home lets a buyer own, instead of rent, in a strong Los Angeles neighborhood, often for a monthly cost close to what they were already paying in rent. For first time buyers priced out of single family homes and condos, it is frequently the only path into ownership.
That real, unmet demand is what gives our finished homes a deep buyer pool and keeps them selling.
Buy it as a rental. Sell it as homes. We acquire a small building at the price an investor pays for its rent, then convert and sell each unit at the price a family pays for a home. Because the buy price per square foot falls as units rise while the home resale price stays high, the fourplex is the sweet spot: it throws the most profit while staying under the state five interest threshold that would trigger a longer public report process. Two unit deals carry the building systems allowance and the separation work across only two homes, so they work only at a lower entry price. Bought right, they sell quickly and each home carries its own yard.
Every finished home is valued against recently sold condos of similar size in the same neighborhood, then adjusted for layout. The pricing model is fixed and applied to every deal in this document.
We price each unit at the size matched condo value in its neighborhood, then take a 6% base TIC discount to reflect that these are fractional homes. Layout then adjusts that number. A house with its own yard, or two detached houses with private outdoor space, carry the strongest premium and land at or slightly above condo parity even after the discount. More attached, higher density layouts carry less.
Stated as a formula: the exit price per square foot equals the size matched condo price per square foot, multiplied by one plus the configuration premium, minus the 6% base discount. We move forward only when the projected net margin, after every cost of renovation, financing, and sale, is at least 15 percent. That rule sets a target price for every building: the most we can pay and still earn 15 percent net. At or below the target price we pursue the deal. Between 5 and 15 percent we negotiate toward it. Under 5 percent we pass.
| Configuration | Premium | Net vs condo |
|---|---|---|
| House plus ADU, or two detached | +7.5% | +1.5% |
| Attached duplex | +3.0% | 3.0% under |
| Triplex | +2.0% | 4.0% under |
| Fourplex | +0.0% | 6.0% under |
Net vs condo applies the 6% base discount. The best low density layouts finish at or above parity, which is why the Echo Park house plus ADU exits at $756 per square foot, above its $745 condo comp.
A repeatable pipeline that runs about six months from purchase to final sale, with the tenant question handled cleanly up front and the units sold one at a time.
Interior renovation and building systems only. No ground up construction, no additions, no entitlement risk.
Buy a 2 to 4 unit building (up to $4M), at or below its target price, in a neighborhood where rental prices sit well below home prices.
Structure the purchase so the units are empty at closing, handled cleanly and legally by the seller.
Kitchens, baths, paint, floors, curb appeal, and utility separation to a condo level finish, plus the sewer, electrical, plumbing, and roof work an older building needs.
Put a TIC agreement in place, then market each unit to a homebuyer and sell them individually, one at a time.
Because the finished units sell to owner occupants, the building must be delivered empty. Many buildings we target have tenants, and we treat that as both a budgeted cost and a legal responsibility. In Los Angeles a voluntary buyout, a negotiated and agreed payment for a tenant to release their unit, typically runs around $25,000 per occupied unit. Our model deals assume the seller delivers the building vacant, so the base case carries no buyout cost. Where a building cannot be delivered vacant, the buyout goes into the project budget and lowers the price we can pay by about the same amount.
Wherever possible we structure the purchase so the seller delivers the units already vacant, with funds held in escrow until vacancy is confirmed. The seller conducts the buyout before closing, in full compliance with each city tenant protection rules, so the responsibility stays on their side until the units are delivered vacant.
Two things make the exit smooth. First, each buyer takes out their own individual loan on their own share, so units close on a rolling basis and we do not have to line up every buyer at once. As each home sells, we take that profit and keep marketing the rest, so we are never held hostage to a single slow buyer.
Second, because these are 2 to 4 unit buildings, the setup stays simple, with no lengthy public offering process required. If any single unit is slow to sell, it can be held and rented, producing income until it sells well.
Most of our target neighborhoods sit within the City of Los Angeles, where the conversion rules are clearest and the path is well established. We steer clear of the few cities that make conversion difficult, and we spread across multiple neighborhoods so no single local rule change can stall the program.
This offering funds a repeatable strategy across a set of target submarkets, not one building. The value is created the same way on every deal: buy right, renovate to a consistent standard, and sell each home individually.
The pipeline is built by ranking neighborhoods on the rental to home price gap, then working active and off market inventory in the strongest ones. Below is where the program is concentrating today.
Neighborhoods where our model deal clears the 15 percent net margin bar (Atwater and Silver Lake, Palms) or sits within negotiating range of it (Mid-City, East Hollywood). Fourplexes are the focus.
Neighborhoods with a real price gap where our model deal does not work at the modeled price. We underwrite them only when a building is offered at or below its target price. Larger buildings up to $4 million are taken on the same below market, value entry basis.
How the pipeline is built. Each candidate building is underwritten to the same standard: a size matched condo comp for the exit, a renovation budget built from that building's own square footage, kitchens, bathrooms, configuration, and age, and a target price that protects a 15 percent net margin. Deals at or below target price advance. Deals within reach go to negotiation. Deals that do not work are passed, and we show several of those later in this document so the discipline is visible, not just asserted.
How we budget a conversion, six representative deals, one walked dollar by dollar, and a stress test. Two of the six clear our bar at the modeled price, two need a lower price, and two do not work. All figures are net of renovation, building systems, financing, carrying, and selling costs, with the building delivered vacant.
Each example pairs a real purchase price with a resale value drawn from recent condo sales of similar size in the same neighborhood, less the 6% base TIC discount and the layout premium described earlier.
| Deal | Zip | Units | Purchase | Exit $/sf | Sellout | Net Profit | Margin |
|---|---|---|---|---|---|---|---|
| Silver Lake and Atwater Fourplex Pursue | 90039 | 4 | $1,295,000 | $723 | $2,459,773 | $513,387 | 28.3% |
| Palms Fourplex Pursue | 90034 | 4 | $1,360,000 | $674 | $2,290,747 | $284,562 | 15.1% |
| Mid-City Fourplex Negotiate | 90019 | 4 | $1,150,000 | $621 | $1,987,809 | $223,309 | 13.5% |
| East Hollywood Triplex Negotiate | 90029 | 3 | $1,117,500 | $706 | $1,765,996 | $136,700 | 8.9% |
| West Adams and Jefferson Park Triplex Pass | 90018 | 3 | $900,000 | $568 | $1,362,647 | ($15,118) | (1.2%) |
| Echo Park House plus ADU Pass | 90026 | 2 | $985,000 | $756 | $1,399,009 | $38,549 | 3.0% |
Exit price per square foot is net of the 6% base discount and the layout premium. The Echo Park exit of $756 sits above its $745 condo comp because a house plus ADU carries the strongest layout premium. Net margin is net profit divided by total cost, including financing carry. Grades: Pursue at 15 percent or better, Negotiate from 5 to 15 percent, Pass under 5 percent.
Fourplexes carry the program.
Our three fourplex models earn about $223,000 to $513,000 net, and two of them clear the 15 percent bar at the modeled price. Smaller buildings spread the building systems allowance and the separation work over fewer homes, so they need a lower entry price. The Echo Park house plus ADU earns 3.0 percent as modeled and would need to be bought near $858,000, not $985,000, to reach 15 percent. The West Adams triplex loses money as modeled and would need a price near $726,000, not $900,000. Two unit deals still have a place, because each home comes with its own yard and privacy, which buyers pay a premium for, but only at the right price.
Every deal in this document is costed the same way, from the building's own size, layout, and age.
A flat per home renovation figure, common in rental underwriting, reflects a rental grade turn. A condo quality finish in a building built before 1950 costs more, and the cost rises with each square foot, each kitchen, and each bathroom. So we budget interior work at $25 per square foot plus $30,000 per kitchen and $20,000 per bathroom.
Older buildings also need work that a per home number misses. We carry a building systems allowance set by the age of the oldest structure, for the sewer line, electrical panels, supply plumbing, roof, and termite work, and a separation budget set by building type, for the electrical service and meter bank, water submeters, entries, and fencing.
A 15 percent contingency sits on top of all physical work. On the flagship fourplex, the full project budget comes to about $434,000, or roughly $128 per square foot of living area, with interior renovation alone at about $71,000 per home.
| Cost line | Budget |
|---|---|
| Renovation, condo quality finish | |
| Interior finishes | $25 per living sf |
| Kitchen, one per home | $30,000 each |
| Bathroom | $20,000 each |
| Separation | |
| Electrical service and meters: house plus ADU | $6,000 |
| Duplex | $12,500 |
| Triplex | $27,500 |
| Fourplex | $30,000 |
| Water submeter, entries, fencing | $4,500 per home |
| Building systems, by age of oldest building | |
| Built before 1950 | $40,000 |
| Built 1950 to 1969 | $25,000 |
| Built 1970 or later | $10,000 |
| Project, financing, and sale | |
| Contingency | 15% of physical work |
| TIC legal and setup | $5,000 |
| Tenant buyout, base case | $0, delivered vacant |
| Closing and acquisition | 2% of price |
| Acquisition loan | 60% of price |
| Financing carry, on loan plus project | 10% a year, 6 months |
| Selling | 5% plus $8,000 |
| Model deal assumptions | |
| Bathrooms | One per home |
| Building age | Before 1950 |
| Existing meters | Not separately metered |
| Exit discount to condo | 6%, stressed 1% to 11% |
One deal walked from purchase to profit, with every cost included.
| Purchase (fourplex, 3,400 sf) | $1,295,000 |
| Closing and acquisition costs | $25,900 |
| Renovation (4 kitchens, 4 baths) | $285,000 |
| Utility separation | $48,000 |
| Building systems (before 1950) | $40,000 |
| Contingency (15%) | $55,950 |
| Legal and TIC setup | $5,000 |
| Financing carry (6 months) | $60,547 |
| Total invested | $1,815,397 |
| Selling costs | $130,989 |
| Four homes sold (average $615K each) | $2,459,773 |
| Less total invested | ($1,815,397) |
| Less selling costs | ($130,989) |
| Net profit | $513,387 |
Our target price for this building, the most we could pay and still earn a 15 percent net margin, is about $1.49M. The modeled purchase is $1.295M, about $200,000 below it. That cushion between our cost and our ceiling is the investor margin of safety. Annualized return is the return on the cash invested after a 60 percent acquisition loan (about $1.04M of cash, earning about 49 percent over six months), stated on a yearly basis. Each month the project runs past six adds about $10,000 of financing carry.
A 6% discount is our base case. We pressure test every deal from a strong 1% discount to a conservative 11% discount, which is 6% plus or minus 5 points. Net profit at each:
| Deal | Strong (1%) | Base (6%) | Conservative (11%) |
|---|---|---|---|
| Silver Lake and Atwater Fourplex | $637,684 | $513,387 | $389,090 |
| Palms Fourplex | $400,318 | $284,562 | $168,806 |
| Mid-City Fourplex | $323,756 | $223,309 | $122,861 |
| East Hollywood Triplex | $224,080 | $136,700 | $49,320 |
| West Adams Triplex | $52,305 | ($15,118) | ($82,540) |
| Echo Park House plus ADU | $104,020 | $38,549 | ($26,922) |
Four of the six stay profitable at the conservative 11% discount, and only the Silver Lake fourplex still clears 15 percent there (21.4%). The West Adams triplex makes money only at the strong 1% discount, and the Echo Park house plus ADU loses money at 11%. The base case column matches the archetype table above.
We show the deals that do not clear the bar, too. Two of the six above, the West Adams triplex and the Echo Park house plus ADU, do not work at their modeled prices. On the Westside, a triplex we underwrote in Beverlywood and Pico-Robertson loses about $90,000 (5.1 percent) on a purchase over $1.3M, and a fourplex in Venice loses about $145,000 at our base discount. Both are passes. Premium coastal Westside pockets usually do not pencil for this model, which is exactly why every deal must show at least a 15 percent net margin at its purchase price before we move. Discipline about which building we buy, and at what price, is the difference between the top of the table and the bottom.
Buyer financing is the part of a TIC sale people worry about most, so we treat it as infrastructure. A TIC home is financeable today through a specialized but active set of lenders, and the loan products have only improved.
Each buyer finances their own share, on their own note and deed, with terms that keep the buyer pool wide.
Each buyer uses a fractional loan: their own mortgage and their own deed of trust on their share only. One owner mortgage has nothing to do with another. If a neighbor ever defaults, it does not touch the other owners. This is the modern standard for TIC homes, and it is what lets us sell and close the units one at a time.
A recent and important improvement: 30 year fixed rate TIC loans now exist, where these loans used to be adjustable rate only. Fixed payments widen the pool of buyers who qualify and feel comfortable, which supports our pricing.
The lender bench is specialized but active in 2026. In Los Angeles the main sources are National Cooperative Bank (a retail lender that offers a 30 year fixed), 5th Street Capital (a wholesale lender built for TICs of four units and under, reached through a broker), and Meriwest (a 30 year fixed, statewide), along with several Los Angeles loan officers who specialize in these loans.
We line up lender relationships before we sell and hand every buyer a current list of TIC lenders, so no one has to go hunting for a loan. The lender pool is thin, and we manage that honestly. By keeping several lender and loan officer relationships active at once, we make sure one lender pulling back never stalls our sales.
The bottom line for investors. Fixed rate products, a known lender list, and multiple relationships in hand mean our units keep closing even if any single lender steps away.
Each conversion is a self contained deal: equity acquires and renovates the building, senior debt covers the balance, and capital is returned with profit as the finished homes sell over the cycle.
The framework below describes how a single deal is capitalized and returned. It is a starting point for a conversation, not a final offer, and several terms are shown as placeholders for the sponsor to set.
| Deal term | Structure |
|---|---|
| Senior acquisition debt | About 60% loan to value |
| Cycle length | About 6 months per deal |
| Security | The underlying real estate |
| Preferred return | preferred return: to be set |
| Profit split to investors | profit split: to be set |
| Minimum investment | minimum investment: to be set |
The bracketed terms are decisions the sponsor has not yet finalized. They are shown here so the structure is complete and ready to fill in during a working session.
Short cycle, secured by property, and repeatable. We are assembling capital to acquire and convert a first group of 2 to 4 unit Los Angeles properties over the next 12 months.
The framework below is a starting point for a conversation, not a final offer.
The ask. Whether you are interested in participating in the equity or lending against the real estate, the next step is a short working session to size a first deal and a target return that fits you. Specific investor terms, including the preferred return and profit split, are set out during that session and shown as placeholders in the deal structure above.
This is a specialized strategy, and it rewards an operator who works at the intersection of brokerage, construction, and the specific mechanics of TIC conversion in Los Angeles.
A Los Angeles real estate brokerage and construction management operator, led by principal James McDonnell.
Conscious Communities Real Estate is a Los Angeles based brokerage and construction management operator that specializes in tenancy in common, accessory dwelling unit, and Senate Bill 9 conversions. The firm works where three disciplines meet: sourcing and underwriting acquisitions as a licensed brokerage, managing renovation and utility separation as a construction operator, and executing the legal and sales mechanics of selling converted units individually.
Principal James McDonnell leads acquisition selection, renovation oversight, and the buyer side sales process, and maintains the lender relationships that keep the exit open. The strategy in this document reflects that combined skill set: it depends less on market timing and more on disciplined buying, consistent renovation, and reliable execution of the conversion and sale.
Every real estate investment carries risk. The ones that matter for this strategy are set out plainly below, each paired with the specific way we control it.
Disclosure builds credibility, not fear. These are the risks we underwrite against on every deal.
| Risk | Why it matters | How we manage it |
|---|---|---|
| Buying in the wrong area | The profit disappears where rental prices already match home prices. | A strict neighborhood filter. We only buy where the gap is large, and only at or below the target price that protects a 15 percent net margin. |
| Renovation costs run over | Older buildings can hide sewer, wiring, plumbing, and roof problems, and a condo quality finish costs more than a rental turn. | We budget by square foot, kitchen, and bathroom, carry a building systems allowance set by building age, and add a 15 percent contingency on all physical work. |
| Home values soften | A market downturn could lower resale prices. | We buy every building below the combined value of its homes, keeping a built in cushion, and underwrite conservatively. |
| Homes sell below full value | A TIC home can sell for somewhat less than a comparable condo, especially when buyer financing is tight. | We keep a purchase cushion below finished value, target neighborhoods with proven TIC demand, and can hold and rent any unit until it sells well. |
| Tenant buyout cost or delay | Occupied units add cost and time. | Seller delivers vacant structure, escrow holdbacks, and a buyout budget set for every deal up front. |
| Buyer financing | Buyers need specialized loans to close. | We secure lender relationships before we sell. Units can also be held and rented if needed. |
| Slow sales | Unsold units carry cost over time. Our model carries financing for six months, and on the flagship fourplex each extra month costs about $10,000. | We sell one at a time as buyers come, and any unsold unit produces rental income in the meantime. |
| Rule changes | Cities can change tenant or housing rules. | We track local rules, spread across multiple neighborhoods, and avoid the most restrictive cities. |
The next step is a short working session to size a first deal and a target return that fits you. From there we move to definitive documents and a specific acquisition.
Clear, low commitment, and built around your questions.
A short working session to walk the model, answer questions, and understand what kind of participation fits you, equity or debt.
We identify a specific target acquisition from the pipeline and set the deal terms, including the preferred return and split, together.
Any commitment is made only through definitive offering documents, reviewed by your own advisors, before capital is placed.
Contact
Conscious Communities Real Estate
James McDonnell, Principal
Pasadena, California
This document is a preliminary summary prepared by Conscious Communities Real Estate for discussion with a limited number of qualified parties. It is confidential and may not be reproduced or distributed without written consent. It is not an offer to sell or a solicitation of an offer to buy any security, and it is not investment, legal, or tax advice.
Any offer, if made, would be made only through definitive offering documents and only to eligible investors in compliance with applicable law. All figures are projections and estimates based on market data believed to be reliable as of July 2026, and actual results will vary and may vary materially. Forward looking statements rest on assumptions that may prove incorrect. Real estate investment involves risk, including the possible loss of principal. Each recipient should conduct an independent investigation and consult its own legal, tax, and financial advisors before making any decision. Certain deal level terms are marked as not yet set and are shown as placeholders.
Every resale figure in this document is drawn from recent home sales in the same neighborhood as the property, less the base TIC discount and the applicable layout premium. Full deal level detail is available on request.