Acquired: February 2019 – $10.75M
Sold: November 2020 – $18.15M
Projected Returns: 15% IRR
This 117-unit complex is located 11 minutes south of Downtown Phoenix on Baseline Road, the second busiest street in the metro area. Built in the mid 80s, the complex hardly saw any renovations but was in great shape despite that. It is surrounded by newly built gated community homes and it is uniquely positioned as one of the only class C apartments in the area which allowed us to fill a need not met by the class A properties nearby.
Acquired in February 2019 for $10.75M, our team renovated half the units, converted the unused clubhouse to a gym, added a dog park, and redid the pool area. 18 months into the project, a buyer approached us and we decided to sell the asset for $18M, delivering 41% IRR and 1.8x to our investors.