Purchasing the property in early 2018, we secured a timely entrance into the Phoenix market before its parabolic job, population, rent (and therefore real estate value) growth.
A successful implementation of our business plan, exceeding proforma rents on renovated units, and strong organic rent growth all combined to increase NOI by 47% in just 4.5 years after acquisition.
In the fall of 2021, 3.5 years after acquisition, we refinanced our initial 3-year loan into a 10-year loan – which resulted in the return of 62% of investor capital.
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