For family offices
An affordable building to stabilize and hold
100 affordable units on a Culver City corner. The plan is to stabilize, refinance and hold.
See why it fits
01Why it fits
Why it fits a family office
- Hold, not flip. The plan is to stabilize, refinance and hold. Any sale depends on the market.
- Two ways in. Common LP equity from $300K shares in project outcomes; its terms are under review. Preferred equity at a proposed 12% from $100K is capped at $500K and shared with the landowner.
- Operators with scale. Trillium manages 4,374 affordable units across 57 properties. West Modular has delivered $500M+. The sponsor team leads approvals, financing and investor reporting.
- Costs and risks in plain view. A preliminary $28.1M to $29.1M before financing and reserves, with the EV depot not yet priced. Approvals, cost, rents and financing drive the outcome.
02Terms
Two ways to invest
Preferred equity
Proposed 12% · $100K minimum · shared with the landowner
Common LP equity
Shares in project outcomes · terms under review
Offering
Rule 506(c) · verified accredited investors only
Preferred equity
12%Proposed return. $100K minimum, $500K tranche cap.
Capital is at risk. Returns are not guaranteed, and the investment is illiquid.
03Budget
Preliminary cost
- $19.66MHard costs + contingency
- $3.1–4.1MLand + closing
- $4.0MSoft costs
- $1.3–1.4MDeveloper fee
Rounded planning figures. EV depot fit-out not yet priced.
04The plan
Approve, build, hold
Approvals
100% affordable under state density bonus law. The City sets the income mix and covenant.
Build and lease
Factory and site work run on one schedule, then lease-up.
Operate and hold
Stabilize, refinance and hold. Any sale depends on the market.
No approvals have been granted. Timing is under review.
05Team
Who you're investing with
John Jung
Co-Founder, Brick Work
Entitlements, financing and investors. Originated the deal and leads the raise.
Brandon Krull
CEO, Onigiri Capital
Former Alpha Deal founder and AngelList investment partner. Leads financial modeling and investor reporting.
Alex Irvine
CEO, Irvine & Associates
LA land use and entitlements. Leads approvals and the density bonus.
Delivery partners
Demien Farrell
CEO, West Modular
Steel modular. $500M+ delivered.
Bob Holden
CEO, Trillium Property Mgmt.
4,374 affordable units, 57 properties.
Team experience in Los Angeles
| Project | Address | Units | Stories |
|---|---|---|---|
| Liv DTLA | 1411 S Flower St | 227 | 8 |
| Vida DTLA | 1317 S Grand Ave | 147 | 8 |
| Premiere Hollywood | 1621 N McCadden Pl | 70 | 8 |
STS Construction Services and STS Development Services projects. Team experience, not Damu projects.
06The site
A corner in Culver City's tech and media hub
- Address4301 Sepulveda Blvd and 11220 Culver Blvd, Culver City
- SiteAbout 14,400 SF, four parcels
- ZoningMU-1, mixed use
- BuildingPodium with shops and EV depot, five modular floors
- NearbyApple's 536,000 SF Culver Crossings campus, TikTok, Culver Steps, Helms Bakery
How it goes up
Built in a factory. Stacked on site.
Modules are made indoors while the podium goes up, then trucked in and set by crane.
The site
A corner on two boulevards
About 14,400 SF at Sepulveda and Culver, zoned MU-1.
On site
The podium
Shops on both boulevards. EV depot off the alley.
Step 1
Built off site
Steel modules are made in the factory at the same time.
Step 2
Delivered and lifted
Trucked in and set by crane, floor by floor.
Step 3
Stacked on the podium
Five modular floors. 100 proposed units.
07Risks
What drives the outcome
Approvals
Path, income mix and covenant not yet confirmed.
Cost
Modular and site pricing pending; EV depot unpriced.
Rents
Rent caps and operating costs set income.
Financing
Debt terms and exit pricing set returns.
Other views
See the case from another angle
Investor inquiries
Damu Builds
John Jung · Co-Founder, Brick Work
john@brickwork.laCopied- Review the materials and discuss terms.
- Receive the offering documents and do diligence.
- Verify accredited status before subscribing.
For discussion only. Not an offer to sell or a solicitation of an offer to buy any security. Any offering is made only to accredited investors through definitive offering documents.
Projections rest on assumptions that may not occur. Investors may lose some or all of their capital. Renderings, the 3D massing and figures are conceptual and subject to design, pricing, City review and financing. Draft, subject to counsel review.