5505 Lindo Paseo was a value-add acquisition made by Amplify Development Company in November of 2020. The property is located just steps from the San Diego State University Campus. The property was purchased from the Theta Chi Fraternity Housing Corporation and consisted of a 26-unit, 55-bed fraternity house that was built in 2013. Amplify inherited the property vacant and was able to secure a fully NNN master lease with the Kappa Sigma Fraternity Chapter of SDSU to occupy the property upon acquisition. The master lease included a unilateral landlord termination clause in the case of wanting to redevelop the site.

 

Amplify’ s original business plan called for the renovation of the property to allow for a new fraternity to occupy the building immediately, which was executed before and immediately after closing. Amplify had plans developed to renovate the existing structure by adding two stories to the property and converting it from a fraternity house to a traditional student housing property with 95 beds. Amplify modified its Business Plan upon the City of San Diego’s passage of the Complete Communities Program, which increased the developable density on the site to over 250 beds.

 

Amplify sold the property in August of 2022 for +-2X what it was purchased for 21 months prior. This was the first and only project/asset that Amplify sold. The project produced returns well above those originally targeted and its success serves as a great case study for Amplify’s value-add platform.