LOS ANGELES—Pendo Investments has purchased a three-property multifamily portfolio totaling 222 units for $46.5 million, an average per-unit price of $209,500. The investor plans to invest an additional $12,000 per unit to upgrade the properties and bring the rents up to market rate.

“Each one of these deals was purchased in the five-cap range and each one of them had a rental upside. When I say rental upside, I mean that after our planned renovation, there are already other properties in the market today that this property will be competing with that are getting rents that are anywhere between 10% to 20% above current rents,” Matt Kardos, EVP at Pendo Investments, tells GlobeSt.com. “We really like the tenant profile and the risk return for these markets. These are all markets that are mostly working class, but they are very infill and there isn’t a lot of new supply coming on the market. But, you have a great tenant base with a 97% occupancy rating.”

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