Haven on the Rail
94-Units
Purchase Price: $10,600,000 // Sale Price: $19,550,000
Acquired Nov 2019 // Sold Aug 2021
General Partner
Purchase Price: $10,600,000 // Sale Price: $19,550,000
Acquired Nov 2019 // Sold Aug 2021
General Partner
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In partnership with Whitehaven Capital, we acquired this 94-unit community located in downtown Mesa, AZ. Our renovation budget was $3M, and included the installation of in-unit washers and dryers, as well as the construction of a brand new building on-site to house the new office and gym. Throughout our ownership, we were able to increase rents by an average of over $400. In the relatively short time we owned the property, we were able to renovate 29% of the units, which was enough to increase the revenue from $78,000 to $97,000 - a 25% increase. As you can see, income increases dramatically as we go from 0% renovated units, all the way to 29%. With not even a third of the units renovated, we were able to increase income by 25%. As a result, we were able to double investor money in under 2 years, delivering a return of nearly 50% IRR.
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