Irvine-based real estate investment firm American Coastal Properties LLC secured $50 million through Colony Capital LLC and the Pritzker/Vlock Family Office to be used for residential redevelopment projects.
American Coastal will use the new funding to buy and redevelop single-family homes in coastal Southern California markets.
The company said it plans to spend between 50% and 100% of the purchase price of individual homes on renovations before reselling those properties.
It plans to buy homes in San Diego, Orange and Los Angeles counties at a rate of 40 to 60 annually.
—Kari Hamanaka
