Acquired: November 2019 – $10.6M
Sold: August 2021 – $19.5M
Projected Returns: 15% IRR
This 94-unit complex is located in an opportunity zone east of downtown Phoenix in the Mesa submarket. Built in 1985, the complex has only seen minor updates to the units. The units are spacious and the complex sits directly across a multimillion dollar park that was recently renovated by the city of Mesa. Other neighboring developments include luxury apartments and a light rail that can take residents to downtown Phoenix and beyond. Acquired in November 2019 for $10.6M, our team renovated units and got permits to build an office and gym from the ground up. The property was in such a desirable location that we got offers to sell the complex years ahead of our planned exit, so we sold the property early to lock in stellar returns for our investors.