The Capri on Roosevelt

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 [...]

By | August 5th, 2016|Multifamily|0 Comments

Krystle RV Park and Apartments

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 [...]

By | August 5th, 2016|Multifamily|0 Comments

102 West 9th Place

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 [...]

By | August 1st, 2016|Multifamily|0 Comments

Dana East

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, [...]

By | August 1st, 2016|Multifamily|0 Comments

Center Street

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 [...]

By | August 1st, 2016|Multifamily|0 Comments

Woodridge

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 [...]

By | August 1st, 2016|Multifamily|0 Comments

Casa Bella

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 [...]

By | August 1st, 2016|Multifamily|0 Comments

Granada Drive

Project Description Property: 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 [...]

By | July 29th, 2016|Multifamily|0 Comments

Townhouse Manor

Project Description Property: Townhouse Manor - 16 Unit Class B/C Townhouse Property In Mesa, Arizona Issues Prior To Acquisition: 33% economic occupancy Woefully mismanaged Significant deferred maintenance by original owner of 40+ years DVP Actions: Secured 60% LTC construction loan and vacated existing tenant base in 45 days. Completed unit renovation [...]

By | July 27th, 2016|Multifamily|0 Comments