Acquired: August 2018 – $8M

Sold: August 2021 – $15.5M

Projected Returns: 15% IRR

Actual Investor Returns: 23% IRR, 1.9x equity multiple, 90% ROI

This 98-unit apartment complex is located 5.5 miles from Downtown Phoenix and 3 minutes away from the expanding Grand Canyon University. Built in 1986, the complex has only traded owners a handful of times resulting in a large value-add investment. Acquired in late 2018 for $8.1M, our team renovated the entire complex with a $1.5M budget and sold the property for nearly twice the value—as proposed in our original business plan.

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