
Crawford Park Financial ("CPF") is a company that is dedicated to finding opportunities in real estate, investing in urban rentals, and originating and buying debt.
CPF's strategy is to purchase multifamily assets in supply constrained markets with high barriers to entry. These properties are located in areas with a limited supply of land to build and a restrictive, costly and lengthy entitlement process. CPF focuses on properties that are below replacement cost and where the alternatives to renting are high cost, for sale housing. In addition, the targeted locations are near numerous job centers and public transportation options. By adding value to the property through capital improvements and a professional management program designed to maximize net operating income, CPF has been able to realize increased rents and higher occupancy rates. CPF actively manages and executes all aspects of a property's life cycle: acquisition, financing, rehab, property operation and final disposition.
The CPF portfolio located in Southern California includes 20 buildings totaling 324 apartment units, with an annual cash flow of over $3.9 million and a market capitalization in excess of $39.0 million. From January 2008 to December 2013, CPF has invested $41.0 million on behalf of its clients in real estate debt investments. From June 2011 to December 2013, CPF has invested over $11.0 million for its clients in Los Angeles apartment buildings.
Apts Mgmt, LLC
Apts Mgmt, LLC is 50% owned by Mark Crawford and 50% by Steve Bram. Mark and Steve met several years ago at the Moriah Real Estate Group. In 2011, they realized that the time was appropriate to acquire multifamily properties and started Apts Mgmt, LLC. Mark's primary responsibilities include identifying the properties and managing the operations. Steve consults with Mark on the acquisitions, provides capital and finances the purchases.
A detailed track record for Apts Mgmt, LLC can be found as an attachment at the bottom of this page.
Mashcole Property Management
Mashcole Property Management ("Mashcole") is strictly a third party property management company focused on the California, Nevada, Arizona, and Texas markets. The company is hired by a variety of third-party clients to oversee the day-to-day operations and management responsibilities of their multifamily properties and portfolios. Mashcole's key personnel have extensive experience in the management of assets which include projects requiring repositioning, strong resident retention requirements and lease-ups. Mashcole also coordinates renovation projects, which have included projects ranging from $2,000 per unit to $20,000 per unit. The company was formed in 2004 and currently manages approximately 100 apartment communities totaling more than 3,000 units.
Management bios for the Mashcole team can be found as an attachment at the bottom of this page.
Sample Transaction - 4112-4114 Palmwood


Purchase Date: | March 6th, 2012 |
Total Units: | 55 units |
Purchase Price: | $3,918,000 / $71,236 per unit |
Equity Raised: | $1,325,000 |
Financing: | 4.10-4.25% rate for 7 years, Opus Bank |
Renovation Budget: | $550,000 / $10,000 per unit |
Capital Improvements: | Roof replacement, landscaping, facade work, security cameras, deck replacement, window repairs, addition of laundry rooms, new appliances, new paint, ceiling fans, flooring, countertops, plumbing repairs, blinds, lighting |
Eneregy Conservation Improvements: |
Outdoor and hallway LED installations, low flow toilets and shower heads, upgraded water system for landscaping, upgraded laundry appliances |
Before CPF Purchase: | 1b/1b - $700-800, 2b/2b - $800-$1,000 |
After CPF Purchase: | 1b/1b - $950, 2b/2b - $1,250 |

Address: | Various - see chart below Los Angeles, CA 90008 |
Year Built: | 1957-1960 |
Current Occupancy: | 98.5% (one vacant unit) |
Number of Units: | 65 units across 3 buildings |
Net Rentable Area: | 60,674 square feet |
Buildings: | Three two-story residential buildings |
Parking: | 51 spaces |
Effective Rent Per Unit: | $908 |
Effective Rent PSF: | $0.97 |
Address | Studio | 1b/1b | 2b/1b | 2b/2b | 3b/2b | Units | Avg. Size SF | Total SF | |
---|---|---|---|---|---|---|---|---|---|
4029 Gelber Place | 0 | 16 | 11 | 0 | 0 | 27 | 974 | 26,288 | |
4030-4036 Gelber Place | 0 | 3 | 13 | 2 | 0 | 18 | 924 | 16,636 | |
4005 Ursula | 1 | 14 | 0 | 3 | 2 | 20 | 888 | 17,750 | |
Total/Avg | 1 | 33 | 24 | 5 | 2 | 65 | 933 | 60,674 |
Gelber Apts, LLC will be acquiring a set of three (3) multifamily garden-style apartments, each constructed in the late 1950's. Each building includes covered parking and laundry facilities. Two of the properties - 4005 Ursula Avenue and 4029 Gelber Place - have a pool. The tenant base is typically looking for a residence that is clean, functional, and safe.
Although the properties are currently 98.5% occupied, the buildings are suffering from deferred maintenance and depressed operations. Crawford Park Financial ("CPF") believes that the current property rents are below market rates, and the goal will be to increase those rents through a capital improvement program that will make the complexes more competitive in the marketplace.
A property overview is available for download below the map on the right side of this page.
Below are a few before and after pictures from two projects in the same neighborhood that the sponsor recently redeveloped. The "before" pictures are on the left and the "after" pictures are on the right.




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