Property Details
Below Market Rents  Below Market Occupancy  NOI Growth 
Asset Profile
Value Add

The Vibe on Thomas

Phoenix, AZ

Multi-Family Property
Sundance Bay Salt Lake City, UT
Sundance Bay
  • IRR 20%
  • Equity Multiple 1.67x
  • Hold Period 3Y
  • Minimum Investment $50K
  • Year 1 Cash on Cash 3.9%
  • Stabilized Cash on Cash 7.9% in Y3
  • First Distribution Feb 2020
  • Distribution Frequency Quarterly
  • Co-Investment 6%
  • Preferred Return 8%
  • Investor Profit Share 70%
  • Asset Profile Value Add
  • Loan-to-Value 80%
  • Current Occupancy 93%

About this Property

Why This Property?

Craig Romney, Sundance Bay: "The property presents an opportunity to purchase an asset at below replacement cost in a strong area with high barriers to entry and large nearby employers. The seller is under capitalized and does not have the experience to take advantage of the opportunity this asset represents. There is good upside in the rents by both better managing and marketing the asset to potential renters and performing renovations."



Why Do You Like This Strategy?

Craig Romney, Sundance Bay: "The strategy is straightforward and low risk due to proven rents in the surrounding area that we could achieve. We believe that we will come in with great management due to their track record and their proven experience with us at similar assets in the sub-market."



How Are You Mitigating Risks?

Craig Romney, Sundance Bay: "We use conservative underwriting assumptions. Our finished product will be comparable to our competition, but our rents will be lower. We have tried and trusted management and construction partners. We have included a healthy contingency for unexpected renovation overages."

About this Property

Why This Property?

Craig Romney, Sundance Bay: "The property presents an opportunity to purchase an asset at below replacement cost in a strong area with high barriers to entry and large nearby employers. The seller is under capitalized and does not have the experience to take advantage of the opportunity this asset represents. There is good upside in the rents by both better managing and marketing the asset to potential renters and performing renovations."



Why Do You Like This Strategy?

Craig Romney, Sundance Bay: "The strategy is straightforward and low risk due to proven rents in the surrounding area that we could achieve. We believe that we will come in with great management due to their track record and their proven experience with us at similar assets in the sub-market."



How Are You Mitigating Risks?

Craig Romney, Sundance Bay: "We use conservative underwriting assumptions. Our finished product will be comparable to our competition, but our rents will be lower. We have tried and trusted management and construction partners. We have included a healthy contingency for unexpected renovation overages."

Offered By

Sundance Bay

Sundance Bay

Salt Lake City, UT

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Assets Under
Management

Currently
$356MM 10+ assets
Exited
$118MM less than 10 assets
Portfolio LTV
56.7%  
Historical
Realized Returns

Total IRR
36.1%  
Equity Multiple
2.51x  
Annual Cash
3.3%  
Years Of
Experience

As Principals
30+ years  
In Business
6 years  
Size
25 Staff * Dedicated investor relations
* All information is reported by Sundance Bay as of 7/8/2019.
Assets Under
Management

Currently
$356MM 10+ assets
Exited
$118MM less than 10 assets
Portfolio LTV
56.7%  
Historical
Returns

Total IRR
36.1%  
Equity Multiple
2.51x  
Annual Cash
3.3%  
Years Of
Experience

As Principals
30+ years  
In Business
6 years  
Size
25 Staff * Dedicated investor relations
* All information is reported by Sundance Bay as of 7/8/2019.

Financials

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Offering Financial

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Diligence Preview

Location Details

Phoenix, AZ

Situated in a centrally located and transitioning area of Phoenix, the 100-unit community, The Vibe boasts close proximity to major transportation modes and the area’s numerous employment, entertainment and recreation options. Residents enjoy convenient accessibility to work, shop and relax. Within the submarket, The Vibe is located along a major East/West corridor with highly-amenitized, newer apartment communities directly across the street and a quiet area of single family homes directly behind it.

Documents

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Offering Agreement Documents

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