CALTIER REALTY

& SUNDANCE BAY

JOINT-VENTURE

to purchase a

352 UNIT MULTIFAMILY 

VALUE-ADD COMPLEX

1/1

Investment Highlights

  • Est. 16% IRR

  • Est. 1.8x Equity Multiple

  • Est. 9% Cash on Cash

  • Expert Property Management

  • Desirable Area in Phoenix, AZ

  • Value-Add Opportunity

  • September 2019 Closing

Sundance Bay Spot Light

Sundance Bay is a real estate private equity firm that specializes in multifamily investing, net lease investing and debt lending nationwide. They provide asset class and geographic diversification for our investors.

Founded in 2012, Sundance Bay and has expanded its multifamily portfolio to acquire over 4,500 units across the US. Lead by a Management team with over 130 years and $4B of combined acquisition and development experience.

Having acquired roughly 5,000 apartment units since 2012, the team has realized a 35.2% average gross IRR and a 2.5 average gross equity multiple over an average hold of 3.3 years, based on 6 properties sold.

Project Summary

A CalTier Realty and Sundance Bay Joint Venture to purchase Solano Vista, a 352 unit multifamily property in Phoenix, AZ. Closing is anticipated to be early September, 2019. Highlights of the investment include:

  • Well maintained Class B/C multifamily built in 1974; 352 units. The property has benefited from recent exterior upgrades, regular maintenance and a market-leading exterior amenity package.  

  • Excellent proximity to the intersection of 43rd and Glendale Avenues (traffic counts exceeding 25,000 vehicles per day). The property also has convenient access to all of the amenities of Glendale, one of Arizona’s largest cities and a growing center for employment, professional sports, and the arts.

  • Great access to major transportation corridors, including the U.S. 60 and I-17, as well as the Phoenix Metro bus system.

  • Close proximity to Grand Canyon University, Glendale Community College and Arizona State University West Campus

  • Opportunity to update unit interiors and clubhouse and attract higher paying renters, bringing rents inline with the competition.

  • Diamond Asset Management, a strong local property manager with value-add, workforce housing experience, that manages over 1,200 units in the Phoenix market will manage the asset.

Value-Add Opportunity

The 352 unit property is centrally located in a transitioning area of Phoenix. This area has seen sizable new supply given its favorable fundamentals. Only a handful of the older apartment complexes have undergone significant renovation.

 

Those communities in the area that have renovated and pushed rents have neither found resistance to the increases nor seen a drop in their occupancy. The lack of upgraded supply and proven rent increases reinforce the business plan to renovate and enhance the apartment community.

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