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

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