Equity Investments

We target core plus to deep value-add multifamily properties in Phoenix, Arizona with the following characteristics:

  • 1980 vintage or newer

  • 20 - 100 units

  • B or better location and property

  • Upside potential through capex improvements and organic rent increases

Core Plus

  • Limited amount of interior/exterior renovation opportunities remaining

  • Limited deferred maintenance

  • In-place cash flows of 5%+

  • 7-10 year hold time

  • 12% target IRR

Value-Add

  • Opportunity to improve rental income up to 20% through interior/exterior renovations.

  • Opportunity to bring rents to market rate.

  • Some deferred maintenance and opportunity to optimize operations.

  • 5-7 year hold time

  • 15% target IRR

Deep Value-Add

  • Major interior/exterior renovations required on majority of units to improve rental income by more than 20%.

  • High vacancy

  • Deferred maintenance and operational deficiencies.

  • 3-5 year hold time

  • 18% target IRR