Irvine, CA – June 15th, 2021 – Clear Capital, LLC, a Los Angeles-based private equity real estate investment firm, specializing in multifamily real estate investments, recently acquired the Urban Park Apartments, a 104-unit multifamily property in Phoenix, Arizona. Upon closing, the property will be rebranded from Urban Park to Aspire Midtown.
Constructed in 1980 and renovated in 2019, Urban Park Apartments is situated on a 2.84 Acre lot at 948 E. Devonshire Ave, Phoenix, AZ 85016. The community offers a favorable unit mix of 96 one-bedroom and 8 two-bedroom units with amenities including a swimming pool, BBQ and picnic area, dog park, and community clubhouse.
The purchase marks Clear Capital’s 22nd multifamily investment and its 2nd in Arizona. Clear Capital’s recent purchase highlights the company’s investment thesis of purchasing value-add opportunities with strong cash flow, significant locational upside, and operational improvements. This property aims at providing investors a 6.49% Cash on Cash return with a potential 14.88% Levered IRR over a 5-year hold period. Clear Capital looks to create value through the introduction of a technology package inside the units, the implementation of institutional-quality property management, and the capture of operational upside through loss-to-lease burn off and expense reduction. “We are excited about the Urban Park acquisition given our bullish outlook on Arizona as a whole, and Midtown in particular,” said Enrique Huerta, Vice President of Acquisitions with Clear Capital. “The irreplaceable location near multiple medical centers and the Camelback Corridor, alongside the resiliency of the Phoenix MSA throughout the COVID-19 pandemic made this an attractive investment opportunity.”
The well-positioned Aspire Midtown apartments serve the dynamic midtown Phoenix submarket. The property is ideally located near the Sky Harbor International Airport, multiple freeways, and is walking distance to the Phoenix Metro Light Rail. “The Phoenix Metro ranked #1 in net migration in the country, with 77,664 inflow of residents in 2020”, according to data from US Census Bureau. Strategically located close to Downtown, Aspire Midtown is close to Phoenix’s diverse employment offerings and expected to see economic and population growth in the coming years.
Quick Facts Arizona: https://census.gov/quickfacts/AZ
About Clear Capital, LLC
Clear Capital, LLC is a private equity real estate investment firm with a 20+ year track record of creating significant value for investors. Since its inception in 1996, Clear Capital’s principals, which combined have over 100 years of real estate investment experience, have applied a distinctive approach to investing across the US Sunbelt markets. Specific markets include Los Angeles and the Inland Empire in California and more recently Texas (Dallas/Fort Worth), Colorado (Denver/Colorado Springs), and Arizona (Phoenix). Clear Capital and its affiliates control over $800 million in multi-family real estate investments that have consistently produced strong average returns in the mid-to-upper teens.
For more information or to make an investment, please visit clearcapllc.com. You can also follow us on Twitter, LinkedIn, Facebook, or Instagram for the latest company developments.