Property

Serrano Gardens Phoenix Metro, AZ

Property
Type
Multi-Family
Investment Type
Property
Asset Profile
Value Add
Min. Investment
$50K
Estimated Hold
3-5Y
Target Return (IRR)
22.2%
Target Annual Cash
9.1%
Target Equity Multiple
3.23x
 

Offered By

IPIRG, Inc.
Experienced Sponsor

San Diego, CA

Login or Register to See More Details

Available to Registered Users

  • Get to know the sponsor behind the offering with key information
  • See an overview of their experience and success
  • Understand their investment strategies
  • Easy access to contact the sponsor directly to learn more
Assets Under
Management

Currently
$24MM
Exited
$210MM
Portfolio LTV
70%
Historical
Realized Returns

Total IRR
25.6%
Equity Multiple
3.2x
Annual Cash
4.5%
Years Of
Experience

As Principals
30+ years
In Business
6 years
Size
10 Staff
* All information is reported by IPIRG, Inc. as of 2/1/2017.
 

About this Property

Serrano Gardens Apartments is a 97 Unit Value-Add Multifamily real estate investment. The property is located in the Phoenix/Mesa MSA near the intersection of East Broadway Rd and S . Gilbert Rd approximately one half mile south of the Light Rail Corridor expansion and Transit Hub on East Main Street. More than 50% of the units have been upgraded with approx 40 units remaining to be improved. IPIRG has chosen this building that is partially renovated because the viability of the neighborhood and the property amenities have been proven. We believe that with continued renovations, improved management, and the coming of the light rail extension in 2018, there is significant rent growth and property value increases on the way.
Read more Read less

Key Points

  • The Sponsor is looking for the last phase of funding, of $1,000,000, to complete the rehab and organizational costs.
  • The property was purchased in September 2016. The Sponsor’s current investors have placed $1.5M in equity. The Sponsor and its affiliates have loaned an additional $500k to the project.
  • 50% of the units were partially rehabbed prior to purchase. All remaining units will have washer/dryers added. If needed, flooring, kitchens and baths will be upgraded.
  • Over 80% of the units are 2 bedrooms, which is ideal for the area demographic of young working families.
  • The property is close to the light rail extension, schools, shopping and freeways.
  • With average multifamily sales at $80,000-$100,000 per unit, this property was a good buy at $66,300 per unit.
  • The Sponsor and its affiliates currently own 10 properties in the Phoenix metro area.
 

Financials

Login or Register to View Financials

Available to Accredited Investors:

  • Get an overview of important financial details to make a smarter investment
  • Analyze the financial proforma to see how projected returns are distributed over time
  • Review source and uses and other important details
 

Location Details

Phoenix Metro, AZ

Mesa, Arizona is immediately east of Tempe and approximately 15 miles from the city center. The light rail has been built through the Center of downtown Mesa and connects riders to central Phoenix. With the completion of the first phase of the light rail, the City has begun an urban renewal program. New shops and cafes are springing up in downtown Mesa. The light rail is planned to be extended within the next three years to Gilbert Road which is within several hundred feet of our property. The light rail terminus and Transit Hub with parking will be within half a mile from Serrano Gardens Apartments. We believe Serrano Gardens is well positioned to benefit from the increased economic activity provided by the light rail corridor extension and is also a desirable location for those wanting to use public transportation to get to work or other events in downtown Phoenix.
Read more Read less
 

Documents

Login or Register to View Documents

Available to Accredited Investors:

  • View, download, and print the offering PPM (Private Placement Memorandum)
  • View, download, and print the detailed financial projections
  • Access all of the important documents for this offering in one place
 

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The first projected distribution is scheduled for April 2017.

Distributions are scheduled to go out on a quarterly basis.

No, this offering is only available to US residents.

No, this offering is not available for 1031 exchange.

RealCrowd is free for investors. RealCrowd charges a technology access fee to the operating partner for our services. We do not charge investors any upfront fees, ongoing asset management fees or promote/carried interest in the investments.

RealCrowd offerings are open to US-based accredited investors. RealCrowd does not recommend or advise on any offering on our platform. While we have minimum history and experience threshold for sponsors who post on our platform, if you are unable to perform your own due diligence, please consult with an attorney or financial advisor prior to making an investment.

RealCrowd is a marketplace that connects investors with qualified sponsors. We strive for transparency and impartiality. For this reason, we do not participate in any offerings on our site.

Have a Question?

Send IPIRG, Inc. and/or RealCrowd a message. If you have a question about this offering ask IPIRG, Inc.. If you have a question about the transaction process or other general inquiry, RealCrowd will be happy to help.

We'll get back to you soon!

In the meantime, you can create an account to view detailed information about Serrano Gardens.

In the meantime, please review the offering documents and financials.

Access passive income deals and become a better investor today with our free eight day educational email series.

Free e-book "Commercial Real Estate 101" for signing up.