Repositioning Case Study #8
Barrington Regent Apartments
Phoenix, AZ
| Property | |
|---|---|
| Vintage | 1980 |
| Units | 124 |
| Date of Acquisition | 07/28/11 |
| Date of Sale | Not Sold |
| Valuation | |
|---|---|
| Purchase Price | $7.05 million |
| Sale Price | $8.725 million (estimated) |
| Projected IRR | 18% |
| Actual IRR | N/A |
Conditions at commencement of SCI management:
- 90% occupied
- Average Rent: $650/month
- Acquired in a 'short-sale' transaction for $7.050m
- Annual NOI of $552,000
Redevelopment Plan:
- $150,000 ($1,209/unit) renovation budget
- Renovate interiors as units turnover, with bathroom & kitchen packages, paint and carpet
- Restripe and seal asphalt parking areas, improve amenities
- Provide solar hot water heating and landscaping
Results:
- To be reported
View Other Case Studies:
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Repositioning Case Study #3 (In transition) - Aspenwood Apartments
Repositioning Case Study #4 (In transition) - Holladay on 9th
Repositioning Case Study #6 - Mulberry Park Apartments
Repositioning Case Study #5 - Lookout Pointe Apartments
Repositioning Case Study #7 - Liberty Heights Apartments
Repositioning Case Study #8 - Barrington Regent Apartments
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