Serrano Gardens Phoenix Metro, AZ

Investment Type
Asset Profile
Value Add
Min. Investment
Estimated Hold
Target Return (IRR)
Target Annual Cash
Target Equity Multiple

Offered By

Experienced Sponsor

San Diego, CA

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Assets Under

Portfolio LTV
Realized Returns

Total IRR
Equity Multiple
Annual Cash
Years Of

As Principals
30+ years
In Business
6 years
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.
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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.


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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.
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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.

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Have a Question?

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