Investment Portfolio

Canyon 35

  • Strategy: Value-Add
  • Type: Multifamily
  • Location: Phoenix, AZ
  • Units: 98
  • Purchase Date: August 2018
  • Rehab: $1.4M
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Canyon 35 Apartments is a 98 unit apartment community located in Phoenix, AZ. Our value-add strategy consists of a rehab budget of just over $14,000 per unit. The majority of this is being spent on the interiors, including new cabinets, granite countertops and stainless appliances. In the common areas, we took unused space in the office and added a WiFi lounge for residents. We also reconfigured the oversized laundry room to allow the addition of a fitness center. After a total exterior remodel, we rebranded the property as Canyon 35 (formerly Silver Tree). With 50% of the units renovated, achieving rent premiums of $383 ($40 more than projected), we've seen Net Operating Income more than double.

Haven at South Mountain

  • Strategy: Value-Add
  • Type: Multifamily
  • Location: Phoenix, AZ
  • Units: 117
  • Purchase Date: February 2019
  • Rehab: $1.5M
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Haven at South Mountain is a 117 unit apartment community located in Phoenix, AZ. Similar to our other properties, our renovation consists of a new office, new gym, new playground, new dogpark, and top of the line unit interiors, including new cabinets, granite countertops, and stainless appliances. This is the first property to be rebranded under our new "Haven" brand (formerly South Mountain Square). Located along Baseline Rd, one of the business roads in all of Phoenix MSA, we can't seem to renovated units fast enough at this property to keep up with the extraordinary demand for our product. Achieving rent premiums of $337 ($61 above projections), we were able to delivery the entire first year's projected cash flow in just the first six months.

Haven on Peoria

  • Strategy: Value-Add
  • Type: Multifamily
  • Location: Glendale, AZ
  • Units: 164
  • Purchase Date: June 2019
  • Rehab: $2.8M
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Haven on Peoria is a 164 unit apartment community located in Glendale, AZ, a suburb of Phoenix MSA. The common areas are currently undergoing our typical rehab of a new office, new gym, new dog park and new pool area. This is the second property to be rebranded under our new "Haven" brand (formerly Ridgepoint). The unit interior rehab consists of new cabinets, granite countertops, and stainless appliances. Six months in, we were able to raise our renovation premium to $276 ($15 above projections), and saw Gross Operating Income increase over 20%. With a quarter of the property now renovated, cumulative cash flow is 15% above projections. Once rebranded, we'll be able to push renovation premiums even higher.

Sun Crest

  • Strategy: Value-Add
  • Type: Multifamily
  • Location: Mesa, AZ
  • Units: 94
  • Purchase Date: November 2019
  • Rehab: $3.0M
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Sun Crest Apartments is a 94 unit apartment community located in downtown Mesa, the largest suburb of Phoenix MSA. Fun Fact: Mesa is actually the largest suburb in the entire United States. Downtown Mesa is in the midst of an extreme transformation. A simple Google search results in development project after development project, with costs already in the hundreds of millions of dollars. To keep pace with the area, we are undertaking our largest renovation to date, spending over $30,000 per unit, and completely changing the feel of the community. Our cost basis will be less than half of new construction, while our rents will be 75% of the Class A rents in the area. The best part is that none of the area specific appreciation is in our projections, so we're poised to outperform.