Brentwood Apartments Phoeniz, AZ.
San Francisco, CA
Pacific Real Estate Partners, in a joint-venture with Barker Pacific Group, is presenting the opportunity to acquire an off-market 224-unit garden-style apartment community for $10,100,000 or $45,000/unit. The property has been owned and managed by the same partnership since 2008. Even though the property is 95% occupied, it is significantly undercapitalized and under-managed. There is a significant opportunity to reposition the property to maximize its value.
The existing cap rate is 5.79% based on historical income and normalized expenses. There is embedded value in under market rents and a premium to reposition the property. The current occupancy provides in-place cash flow while the value-added business plan is executed.
The property was not marketed for sale, and the pricing was negotiated directly with the ownership.