This is an ownership opportunity made available by Sterling Real Estate Holdings, powered by RealCrowd.(
Acquire an off-market 130-unit garden-style apartment community for $9,300,000 or $71,500/unit. The property, which has been owned and self-managed by the same ownership group for 5 years, is currently 98% occupied and is undercapitalized and undermanaged. The seller replaced significant portions of the infrastructure such as new cooling system, unit interiors and windows. There is a significant opportunity to reposition the property to maximize its value. It is the ideal acquisition profile target for Sterling Real Estate Holdings. The existing cap rate is 5.00% based on historical income and normalized expenses. There is embedded value in under market rents and a premium to reposition the property.
Summerhill sits on 2.6 acres over 8 buildings in a rapidly-improving sub-market. Built in 1970, the asset benefits from its location near the convergence of SR-51 (Piestewa Freeway), Loop 202 (Red Mountain Freeway) and Interstate 10. It is approximately one block northeast of the intersection of East Thomas Road and State Route 51.
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