Acquired: June 2019 – $19.75M
Sold: April 2021 – $28.7M
Investor Returns: 25% IRR, 1.5x
This 164-unit complex is located 12 miles north of Downtown Phoenix in the Glendale submarket. Built in 1986, the complex has only seen superficial updates to the units but has great curb appeal thanks to its modern architecture. It is directly across the street from businesses like Sprouts market and Sonics drive in. There’s a huge land across the property that is scoped to be a Winco supermarket and single family development. Acquired in June 2019 for $19.75M, our team is renovating units and they are leasing at our projected rents. Check out some of our before and after photos below.
Acquired in June 2019, our team renovated 50% the units, expanded the pool deck, added a playground and a dog park, and built a gym and office from the ground up. Halfway into the project, an opportunity came up for us to sell the property and deliver stellar returns to our investors so we exited the deal.