Desert Ridge
Desert Ridge lacked adequate management and quality interior units to command market rents. Sundance Bay implemented a program of renovating units upon turns, while maintaining high occupancy and pushing legacy rents. Ultimately, Sundance Bay was able to achieve an 85.5% gross IRR in just under 3 years.
Property Summary
State
Las Vegas, Nevada
Units
304
Year Built
1990
Previous
Next
Investment Summary
Purchase Price
$18.5M in 2015
Total Investment w/Rehab
$19.5M
NOI Increase %
52%
Sales Price
$30.8M in 2018
Equity Investment
$2.0M
Net IRR
60% (86% gross)
Net Multiple
3.75x (5.67x gross)
Hold Period
2.8 Years
