Purchased 196 condos in a 360-unit development in three separate transactions
Well-located project minutes from employment centers of Downtown Phoenix, Camelback Corridor and five major hospitals
Consolidated management of homeowners’ association (HOA) and AHC units to provide more efficient and higher-quality service to all residents, while reducing operating expenses for AHC units
Invested substantial HOA reserves to renovate clubhouse, pool areas, exterior paint and lighting, fitness equipment, landscaping, and installed new dog park and concierge package system
Carrying out in-unit upgrade program with stone countertops and wood plank flooring to compare favorably with newer Class A competition in the area (while still maintaining a sizeable rent spread)
- Multiple exit strategies: portfolio may be sold in bulk to private equity investors who will continue to operate as rentals, or to a bulk buyer intending to run a retail condo sales program. AHC principals also have significant experience managing retail sales programs, and could execute one here if the projected return warranted the additional risk.