SOURCE: Sebren

August 08, 2005 13:16 ET

Sebren Development to Restore Building in Koreatown

Revitalization Continues to Travel Downtown

LOS ANGELES, CA -- (MARKET WIRE) -- August 8, 2005 -- What exactly does a real estate development company do to renovate a building in downtown Los Angeles, and why? Are the profits that substantial? "We try to restore the architectural integrity of each building that we purchase because they are a part of Los Angeles' history. We renovate and add security features because this yields a very high rate of return for our investors," explained Brendan McDermott, CEO and co-founder of Sebren Development, a boutique real estate company specializing in the purchase and redevelopment of undervalued properties in Los Angeles. Recently, Sebren purchased an apartment building in the heart of Koreatown on Normandie Avenue, for $1.775 million. The building, with 23 single-units and 7 one-bedroom units fits perfectly in Sebren's niche capabilities of renovating undervalued and historically significant properties. Sebren is recognized for delivering especially high returns for their investors, and this building is no exception. Sebren expects to see a return of more than 30% in less than a 24 month period.

The building, like many of Sebren's properties, has seen better days. Built in 1925, it is made of brick and still retains much of its original architectural details, but needs several upgrades to make it livable and more saleable. This area of Normandie Avenue is significant, however, because it resembles New York City. The street is lined with several tall and architecturally important buildings, similar to that of neighborhoods in Manhattan. In fact, several movies and TV shows have been filmed here because of its New York City feel.

Sebren's belief is that "upper scale" renovations will continue to travel downtown, and by creating better housing in this part of Koreatown, they will be able to capture a stronger tenant base. Sebren's intended renovations for the building include replacement of the roof, plumbing systems, and elevator mechanics as well as creating a seamless security system. In the units, Sebren will provide all new kitchens, bathrooms with exposed brick and hardwood floors throughout. The façade will also undergo significant upgrades with cleaning, painting and lighting.

"This will take approximately 24 months to complete, but will probably sell quickly and improve the neighborhood," predicts Sebastian Rein, president and co-founder of Sebren Development.

Founded in 1998, Sebren has purchased and sold 17 properties in the Los Angeles area and averaged a 45 % return for their investors. In addition to turning an impressive profit for their investors, Rein and McDermott aim to help revitalize neighborhoods through their renovation projects.

For more information on Sebren, call 323-549-9000 or visit www.sebrendevelopment.com.

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