Investors aren't only finding yields in the Phoenix market, but speed as well. Capital Square 1031, which specializes in Delaware statutory trust offerings, has brought a property full-cycle in record time and has achieved 131% return on equity and an 18% annualized return of equity. The firm sold Crossroads Apartments, a 316-unit multifamily property in Phoenix, which it purchased three years ago.
“Our strategy was to hold this desirable asset for up to 10 years while positioning it for an ultimate sale when the market was at or near its peak, as it is now,” Louis Rogers, founder and CEO of Capital Square 1031, tells GlobeSt.com. “Our positioning entailed a property-wide appliance upgrade program and unit refurbishments to drive increased rents thus elevating revenues, NOI, and value.”
In addition to the capital improvement strategy executed by the firm, Rogers says that the Phoenix market also improved significantly during its ownership. “Market conditions steadily improved and hit peak levels subsequent to the 2016 acquisition enabling us to execute and realize our strategic plan and capital appreciation objectives, much earlier than anticipated,” he explains.
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Kelsi Maree Borland
