Retro on 32nd Street is a 62 unit multifamily property located in Phoenix, Arizona and is situated between the prestigious Biltmore and Arcadia submarkets. The property was acquired in October 2014 by Tower Capital’s client, an experienced Los Angeles-based investor with holdings throughout the southwestern US. At the time of acquisition, the property suffered from high vacancy, poor management, and significant deferred maintenance. Tower’s client increased NOI dramatically by performing a major renovation to the property, trimming operating expenses, and increasing occupancy to stabilized levels.
The $2,662,000 loan secured by Tower Capital through a local credit union allowed the borrower to recoup costs for capital improvements, return equity back to their investors, and provide prepayment flexibility should they sell the asset in the near future.
