Haven on Peoria

164-Units
Purchase Price: $19,750,000 // Sale Price: $28,700,000
Acquired June 2019 // ​Sold April 2021
Equity Partner

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In partnership with Whitehaven Capital, Kenji Capital was an equity partner in this 164-unit community located in Glendale, AZ. The renovation budget on this project was $2.7M and resulted in an average rent increase of $300. After a few months, the revenue stabilized, and as renovated units began to saturate the rent roll and reposition the property the revenues continued to steadily increase. Throughout ownership, 49% of the unit interiors were renovated and revenue increased from $122,000 to $178,000, which is an amazing growth of 47%. The resulting increase in value delivered an IRR of 25% to investors.

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