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Haven

Haven lacked capital for improvements and professional management. Sundance Bay purchased the asset in 2014, took over the management and began renovating interior units, exteriors, landscaping and amenities. Sundance Bay ultimately achieved a 38% rental rate increase, stabilized the property at 95% occupancy and exited at a gross IRR of 40.7% in 3.5 years.

Property Summary

State

Kansas City, Missouri

Units

360

Year Built

1988

Investment Summary

Purchase Price

$13.8M in 2014

Total Investment w/Rehab

$22.0M

NOI Increase %

112%

Sales Price

$36.0M in 2017

Equity Investment

$7.5M

Net IRR

33% (40% gross

Net Multiple

2.65x (3.20x gross)

Hold Period

3.2 Years

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