2016 Full Renovation—Reduced CapEx Risk with Strong Market Positioning. Rare opportunity to acquire a stabilized 28-unit multifamily asset in Carpinteria—one of Southern California’s most supply-constrained coastal rental markets. The property features an efficient mix of 26 studios, one one-bedroom, and one two-bedroom unit, well aligned with consistent local demand. A comprehensive 2016 renovation positions the asset as a turnkey opportunity with minimal deferred maintenance and strong in-place income. Strategically located along Carpinteria Avenue, the property offers convenient access to major employment hubs, coastal amenities, and regional transportation corridors, including nearby Santa Barbara. With new development constrained across the California South Coast, the asset benefits from high barriers to entry—supporting durable income, operational stability, and long-term appreciation potential in a premier coastal infill market.