The real estate crowdfunding platform RealtyMogul launched a new offering for a multifamily property in Pheonix.
Cordova is a 320-unit garden-style multifamily property located in Phoenix’s West Valley submarket. The property offers tenants resort-style amenities, including two recently renovated swimming pools with sundecks, an outdoor grilling station and patio areas, a fitness and business center, a dog park and racquetball courts.
Cordova has significant value-add potential because of the plans for the property and its location. The West Valley submarket where Cordova is located is booming.
“Thanks to strong population and employment growth coupled with robust infrastructure investment, the submarket has been one of the top-performing areas for rent growth and occupancy in Phoenix metro,” according to RealtyMogus.
The deal’s sponsor, SB Real Estate Partners, has significant updates planned for the property. The previous ownership added $1 million in renovations to the common areas and upgraded 20% of the units, and the new owners plan to upgrade the remaining 80% of units and add to the common areas. With $3.2 million being invested in renovations, it will allow for rents to increase by an average of over $170 per unit.
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Founded in 2017, SB Real Estate Partners specializes in multifamily properties in the Western United States. To date, the firm has acquired nearly 3,500 units valued at nearly $820 million dollars. Three of its Phoenix-area sales have netted investors returns of 90% IRR and 2.2 times equity multiple in less than 18 months.
Photo courtesy of RealtyMogul
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