Acquired: July 2021 – $45M
Projected Returns: 12-21% IRR, 1.7-2.5x Equity Multiple
This 136-unit complex is located in the northern Phoenix area in Glendale. The property is part of the Arrowhead Ranch community which is part of a master-planned development—meaning all available land has been accounted for so new construction is highly limited.
Built in 1998, the complex only went through some minor updates. Our plan will be to renovate the property with a $4.5M budget over a three year period, increasing income by $450 per unit. Stay tuned for before/after photos.