164-Unit Closed in Phoenix, AZ!

[Ben Leybovich]

I am excited to announce the addition of Ridgepoint Apartments to our Phoenix portfolio. This is a wonderful, mid-80'es construction 164-unit. Original interiors will be upgraded, and the asset will be re-positioned. Yardi currently rates this location and improvements both as B-. Personally, I think as it sits, this is a Class C. When we are done with the re-positioning in 24 months, this will be a Class B, with Class A finishing surfaces. We anticipate being able to improve revenue by + or - $300 per door...huge value-add.

Huge thanks to my partner, @Sam Grooms for all of the work he continues to do. Huge admiration and gratitude to our entire team, and all of the folks who believe in our vision!

Ridgepoint, true to form, was yet again closed in under 45 days. This is our 3rd acquisition in 10 months, totaling $40M by purchase price. We are incredibly bullish on Phoenix for years to come!

Meeting our regional at the asset this morning - the work begins!

Feel free to reach out with questions, guys. I will lay out more of the details on the blog in coming weeks, but we can dig in here as well.

[Ben Leybovich]

Originally posted by @Bill Goodland:

@Ben Leybovich congrats! Looks like this is going to be a great project and I’m looking forward to reading the blog on it. Besides the interior unit improvements that I assume are included in your plan to reposition and bump rents, are there any other big capex items or exterior things you are renovating or adding to bring more value to the deal?

Bill, we are obviously going to paint the exterior. We are building a gym, installing a dog park, and updating the office, which will include a business center for resident's use.  We are doing a big upgrade to the pool, as well as several other areas.