Acquired: February 2021 – $16M
Projected Returns: 15% IRR
This 104-unit complex is located in a growing area west of Downtown Phoenix. This property sits at the end of the newly built 202 highway loop, an alternative to the interstate 10 freeway, enabling residents of this subarea residents to access jobs and other parts of the Phoenix metro.
Built in 1983, the complex only had superficial updates. The units have potential for us to renovate and add washer and dryers in each flat. Acquired in February 2021 for $16M, our team is already renovating units and working to upgrade the exterior.