The Mojave Apartments - 27 Unit Phoenix

[Connor Stark]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Phoenix.

Purchase price: $2,150,000
Cash invested: $450,000
Sale price: $3,635,000

GCM purchased 2020 W. Orangewood (27 Units) which was an under performing asset in an up & coming neighborhood of North Central Phoenix. Through upgrades to both the interior and exterior of the property, GCM increased The Mojave's net operating income by 2.1x. The rents were increased on average by $300/unit.

GCM sold this project fourteen months after acquisition, capturing a 55% return for the Limited Partners.

Deal Highlights:
14 month hold
55% ROI for LPs
Successful 1031 exchange

How did you find this deal and how did you negotiate it?

We found it off market through an agent that we met while visiting the city.

How did you finance this deal?

Bridge Financing