PORTFOLIO

DISTRICT FLATS

112 UNITS

Mesa, AZ​

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 ACTUAL PROJECT LEVEL RETURNS

• Disposition Date :  May 2021

• Sale Price : $18.2M, $162.5k/Unit

• Equity Multiple : 1.95x

• Internal Rate of Return : 83.7%

• Average Annual Return : 84.9%

• Hold Period : 13.5 Months

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 DETAILS

• Acquisition Date : March 2020

• Purchase Price : $13M, $116K/unit

• Down Payment and Renovation Costs : $5.15M

• Loan : 10-Yr Floating Interest Rate, Non-Recourse Agency Loan

• Deal Structure : 506(B) Syndication 

• Unit Mix : 33 Studio | 78 1BR/1BA | 1 2BR/1BA

• Projected Hold : 2-5 Years

SILVER OAKS

36 UNITS

Phoenix, AZ

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ACTUAL PROJECT LEVEL RETURNS

• Disposition Date : October 2020

• Sale Price : $5.3M, $148k/Unit

• Equity Multiple : 1.91x

• Internal Rate of Return : 44.6%

• Return on CapEx : 29.1%

• Hold Period : 21 Months

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DETAILS

• Acquisition Date : February 2019

• Purchase Price : $3.4M, $95K/unit 

• Down Payment and Renovation Costs : $1.4M

• Loan : 10-Yr Fixed Interest Rate, Non-Recourse Agency Loan

• Deal Structure : Tenant-In-Common (TIC)

• Unit Mix : 26 2BR/1BA | 10 3BR/1BA 

• Projected Hold : 1-2 Years

RISE AT THE PRESERVE

(Formerly Cascada Del Sol)

166 UNITS

Phoenix, AZ

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• Acquisition Date : June 2021

• Purchase Price : $26.7M

• Down Payment and Renovation Costs : $9.7M

• Loan : 3-Yr Adjustable Interest Rate, Non-Recourse Bridge Loan

• Deal Structure : 506(B) Syndication

• Unit Mix : 68 1BR/BA | 54 STUDIOS | 44 2BR/1BA

• Projected Hold : 2-5 Years

RISE MELROSE

(Formerly Revival on Indian School)

96 UNITS

Phoenix, AZ

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• Acquisition Date : May 2021

• Purchase Price : $18.4M

• Down Payment and Renovation Costs : $5.9M

• Loan : 3-Yr Adjustable Interest Rate, Non-Recourse Bridge Loan

• Deal Structure : 506(B) Syndication

• Unit Mix : 96 2BR/1BA

• Projected Hold : 2-5 Years

RISE ON PEORIA

(Formerly Haven on Peoria)

164 UNITS

Glendale, AZ

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• Acquisition Date : April 2021

• Purchase Price : $28.7M

• Down Payment and Renovation Costs : $9.1M

• Loan : 3-Yr Adjustable Interest Rate, Non-Recourse Bridge Loan

• Deal Structure : 506(B) Syndication

• Unit Mix : 96 1BR/1BA | 36 2BR/2BA | 32 2BR/1BA

• Projected Hold : 2-5 Years

RISE ON THOMAS

(Formerly Vibe on Thomas)

100 UNITS

Phoenix, AZ

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• Acquisition Date : April 2021

• Purchase Price : $14.2M

• Down Payment and Renovation Costs : $5.3M

• Loan : 3-Yr Adjustable Interest Rate, Non-Recourse Bridge Loan

• Deal Structure : 506(B) Syndication

• Unit Mix : 62 1BR/1BA | 37 STUDIO | 1 2BR/1BA 

• Projected Hold : 2-5 Years

RISE DOWNTOWN MESA

(Formerly Sunnybrook)

103 UNITS

Mesa, AZ

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• Acquisition Date : March 2021

• Purchase Price : $16.5M

• Down Payment and Renovation Costs : $6.2M

• Loan : 3-Yr Adjustable Interest Rate, Non-Recourse Bridge Loan

• Deal Structure : 506(B) Syndication

• Unit Mix : 72 1BR/1BA | 20 2BR/BA | 10 STUDIO | 1 3BR/2BA

• Projected Hold : 2-5 Years

RISE METRO

(Formerly Pointe Vista)

160 UNITS

Phoenix, AZ

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• Acquisition Date : January 2021

• Purchase Price : $24.3M

• Down Payment and Renovation Costs : $8.76M

• Loan : 10-Yr Floating Interest Rate, Non-Recourse Agency Loan

• Deal Structure : 506(B) Syndication

• Unit Mix : 71 1BR/1BA | 36 1BR/1BA | 33 2BR/2BA | 20 3BR/BA

• Projected Hold : 2-5 Years

PASEO 51

116 UNITS

Glendale, AZ

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• Acquisition Date : September 2020

• Purchase Price : $15.5M

• Down Payment and Renovation Costs : $4.89M

• Loan : 10-Yr Floating Interest Rate, Non-Recourse Agency Loan

• Deal Structure : 506(B) Syndication

• Unit Mix : 80 1BR/1BA | 36 2BR/2BA

• Projected Hold : 2-5 Years

VILLA SERENA

137 UNITS

Phoenix, AZ

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• Acquisition Date : August 2019

• Purchase Price : $17.6M

• Down Payment and Renovation Costs : $5.8M

• Loan : 10-Yr Fixed Interest Rate, Non-Recourse Agency Loan

• Deal Structure : 506(C) Syndication 

• Unit Mix : 74 2BR/2BA | 63 1BR/1BA

• Projected Hold : 3-7 Years

RISE ON MCDOWELL

(Formerly Oaktree)

76 UNITS

Phoenix, AZ

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• Acquisition Date : August 2019

• Purchase Price : $6.9M

• Down Payment and Renovation Costs : $3.7M

• Loan : 10-Yr Fixed Interest Rate, Non-Recourse Agency Loan

• Deal Structure : 506(B) Syndication 

• Unit Mix : 60 1BR/1BA | 8 2BR/1BA | 8 2BR/2BA

• Projected Hold : 1-2 Years

SCOTTSDALE 5TH AVE

59 UNITS

Scottsdale, AZ

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• Acquisition Date : August 2019

• Purchase Price : $6.6M

• Down Payment and Renovation Costs : $2.6M

• Loan : 10-Yr Fixed Interest Rate, Non-Recourse Agency Loan

• Deal Structure : Tenant-In-Common (TIC)

• Unit Mix : 27 Studio | 31 1BR/1BA | 1 2BR/2BA

• Projected Hold : 10+ Years