Project Description Property: North Park, San Diego – 4,900 Square Foot Mixed Use Building in the North Park submarket of San Diego, California Issues Prior To Acquisition: Extensive physical issues as owner hadn’t addressed the building systems in 30 years. 50% vacancy in ground floor commercial spaces Rental rates 50% below market [...]
111,928 Square Foot Class B Multi-Tenant Light Industrial Buildings in Cleveland, OH
Issues Prior To Acquisition:
- Minor physical issues (roof/parking lot) with the property.
- Rental rates hadn’t been increased in 8 years and were on the low end of the competitive range.
- Functional obsolescence in multiple units
- Ownership wanted to focus on developing senior living facilities.
Project Description Property: The Capri on Roosevelt – 20 Unit Class C Apartment Building in North Central Phoenix Issues Prior To Acquisition: Absentee owner, grossly mismanaged Deferred maintenance Very desirable and gentrifying location DVP Actions: Secured 75% LTV loan and vacated existing tenant base. Completed a full fledge property reposition [...]
Project Description Property: Krystle RV Park and Apartments - 16 Space/7 Apartments/1 Mobile Home Class C Park in Mesa Issues Prior To Acquisition: 80% occupied by sub-standard tenant base Inadequate owner/management Deferred maintenance DVP Actions: Immediately installed a high-quality on-site management team, vacated problem tenants, recovered unutilized space in rear [...]
Project Description Property: 102 West 9th Place - 12 Unit Class C Apartment Building in Mesa, Arizona Issues Prior To Acquisition: 25% occupied, no enforceable leases Deferred maintenance Chronic neglect of building systems Apathetic tenant base with no sense of community DVP Actions: Repainted exterior, expanded fence line to create [...]
Project Description Property: Dana East - 21 Unit Class C Apartment Building in Mesa, Arizona Issues Prior To Acquisition: Deferred maintenance No differentiation Standard interiors DVP Actions: Repainted exterior, added private patios, created common area with BBQ and picnic tables, replaced/repaired air conditioning units, added wireless internet, installed screen doors, [...]
Project Description Property: Center Street - 14 Unit Class C Apartment Building in Mesa, Arizona Issues Prior To Acquisition: 46% occupied Standard interiors Deferred maintenance DVP Actions: Repainted exterior, resurfaced parking lot, modernized washer/dryers, replaced/repaired A/C units, minor landscaping and completed unit renovation program (interior two-tone paint, vinyl wood flooring [...]
Project Description Property: Woodridge - 30 Unit Class C Apartment Building in Mesa, Arizona Issues Prior To Acquisition: 50% economic occupancy Apathetic tenant base Significant deferred maintenance by absentee owner DVP Actions: Secured 50% LTC construction loan. Vacated entire property, repainted exterior, resurfaced parking lot, installed new roofs and AC [...]
Project Description Property: Casa Bella - 16 Unit Class C+ Apartment Building in Mesa, Arizona Issues Prior To Acquisition: 100% occupancy but prior ownership was managing for occupancy, not maximization of income Underutilized amenity potential DVP Actions: 70% LTV loan attained on a 5 year fixed term. Expanding fence line [...]