Waterfront Apartments is a 288 unit multifamily property located in Phoenix, Arizona. Originally built in 1980 and renovated in 2006, and then again between 2015-2017. Our client, an experienced multifamily operator with over 4,400 units under ownership, acquired the asset in August 2015 for $10,500,000.

At the time of purchase, the un-stabilized asset was acquired as an REO through auction.com. Since acquisition, the borrower has spent approximately $350,000 in additional renovations, which include: new landscaping and signage, HVAC and asphalt replacement, new tile flooring, exterior paint, furniture, electrical, and roof replacement.

The loan amount secured by Tower Capital represents a significant cash out to the borrower after only a few years of ownership. The loan proceeds were used to return equity back to the borrower and their investors, as well as provide funds for future investments.