Preferred Equity Investment
McKinley invested in Root Ketter’s joint venture which is developing build-to-rent units in San Pedro. Root Real Estate and Ketter Development acquired the 19,000SF site property along a main street which will bring new units to the area in a 4-story building with ground floor retail and a subterranean parking garage. San Pedro is a somewhat unknown but upcoming market, especially as the housing crisis in LA heightens and further encourages the expansion of living to suburban areas outside of the city, like San Pedro. McKinley’s investment in 2111 Pacific came after the city’s approval of a redevelopment plan for the waterfront. Starting construction mid-2020, San Pedro’s Public Market along the water could open as early as 2021. This major redevelopment will revitalize the area and create a welcoming place for new residents and visitors to enjoy.