Investment Highlights

Location: Phoenix, AZ
No. of Buildings: 8
No. of Units: 130

Date Acquired: July 19, 2019
Purchase Price: $12.4M

• Strong workforce property in a terrific location within a market with excellent fundamentals that continues to be a top performer.

• Unit interior renovation program pacing at 1.7x underwritten speed and 77% of per unit budget.

• Reclaimed a unit previously used as an office, multiple operating expense inefficiencies corrected, implemented utility billbacks, added vending income.

Closer Look

The seller performed many exterior and mechanical improvements but the revenue-impactful interior upgrades had not been done. Unit renovations were streamlined and progressed at a pace of almost 2x what was underwritten. Our relationship and track record with our lender who was under the same corporate umbrella as the listing broker helped us secure the deal. This asset is well positioned for rent growth and expense reduction in one of the fastest growing markets in the country.