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
