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May 20, 2015 8:40 EDT

Brentwood Apartments Phoeniz, AZ – Offered by Pacific Real Estate Partners

iCrowdNewswire - May 20, 2015

Brentwood Apartments Phoeniz, AZ.


Offered By


About this Property

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.



Key Points

  • In place cash flow with cap rate of 5.7% while value added strategy is executed
  • Significantly under replacement cost: purchase price approximately 33% of replacement cost
  • Under managed property with strong upside potential
  • Off-market acquisition: pricing negotiated directly with ownership
  • The Sponsor has previously closed two transactions on the RC platform and has made $1.5M available for this investment. The principals will invest 10% of the equity and its existing investors have already committed over $1.1M of equity.




Phoenix, AZ

Close proximity to a major shopping center, Metrocenter Mall, including nationally branded retailers such as Dillard’s, Sears, and Harkins Theaters. Also, on the east side of I-17 is 2.7 million square feet of office space resulting in over 35,000 jobs from approximately 3,500 employers just 3 miles from the property.

MSA Rank 12
Median Income $51,847
MSA Population 4,398,762
Population Growth 4.91%


Contact Information:

Pacific Real Estate Partners

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