Project Description


Granada Drive – 8 Unit Class B Apartment Building in Tempe, Arizona

Issues Prior To Acquisition:

  • Mismanaged by a sub-par property manager and owned by an absentee seller with no real estate experience in CA
  • Below average interior/exterior in an above average location
  • Deferred maintenance and wrong tenant base

DVP Actions:

Vacated tenant base, installed new flooring, two-tone paint, new kitchen cabinets, granite countertops, black appliances, backsplashes, new vanities, new fixtures, installed stackable washer-dryers, sand-blasted exterior, built pergolas and private patios, installed a brand new roof and new AC units, and new landscaping.


100% occupancy in 35 days following 75 day renovation, 62% increase in rents from $585/mo to $950/mo, full security deposits achieved.

Projected Returns:

49% leveraged Return on Investment in less than a year, created over $300,000 in value that the partners can do a tax-free exchange into another cash flowing deal or take profits.

Purchased for $530,000 in February 2015, renovation budget of $139,000.  Marketing asset in September, expected value is $1,050,000.