Odyssey Properties is pleased to announce the successful closing of the Cielo Apartments – a value-add investment opportunity. The Cielo is a well located 360-unit apartment complex in Phoenix, AZ. The property was purchased for $27,200,000 and is 96.4% occupied. The Cielo will be another strong performing asset for our growing portfolio which now totals approximately 3,600 multifamily units and 1,200 senior housing units across 13 states.
Projected returns to investors are 8.8% avg. cash-on-cash returns and 20.1% ROI (return on investment) over a ten-year hold period.
The property stands to benefit from our proposed $4,156,000 rehab program which will include updating key areas including flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers in select one bedroom and two bedroom units. The scope of work will add immediate value, update the property for today’s tenant needs/interests, enhance our ability to better market the property, and improve the property aesthetics for the short and long term. More importantly, it will enable us to achieve higher rents and maintain high occupancy.