$5.3 Million Sale of Patio 15 in Midtown Phoenix Nets 66% Cumulative Return To Investors

Location: Phoenix, AZ
Property Type: Multifamily
Number of Units: 62
Acquisition Date: February 2015
Status: Sold September 2016

The Story:

3rd Ave Investments completed the sale of Patio 15, a 62-unit Class B multifamily complex in the Camelback Corridor of Phoenix for $5.325 million or $86,000 per door.

We purchased the property, located at 1523 W. Colter Street, in February 2015. The property was rebranded with a new name, Patio 15, and fully renovated.

The 49,300-square-foot Patio 15, built in 1968-1969, consists of 15 buildings constructed on a rectangular site of approximately 3.75 acres. The complex has about 77 percent two-bedroom and 23 percent three-bedroom apartments. Common amenities include a swimming pool, laundry facilities and 115 uncovered parking spaces.

Renovations included:
• New signage placed on 15th Avenue, Colter Street and in front of the office
• The entire exterior painted
• Landscaping planted• throughout the interior courtyards and exterior areas
• Each interior patio framed, as well as the exterior of 15th Avenue •
• A BBQ area and playground installed
• All toilets and faucets upgraded to low-flow technology
• Select units upgraded

We closed escrow on September 28, 2016 at a sale price of $5,325,000 ($86,000/unit) netting our investors an approximate 66% cumulative return, and a 39% annualized return over the 19-month period of ownership. Investors will receive an excess distribution in the months to come, further increasing their total return.

$1.4 Million Sale of The Franciscan in Phoenix Nets 36% Return To Investors

Location: Phoenix, AZ
Property Type: Multifamily
Number of Units: 16
Acquisition Date: August 2015
Status: Sold December 2016

The Story:

3rd Ave Investments completed the sale of The Franciscan, a 16-unit Class B multifamily complex in Phoenix for $1,400,000 or $87,500 per door.

We purchased the property, located at 2012 W. Orangewood in August 2015. 3rd Ave achieved rental premiums up to $150 by renovating all of the apartments.

Renovations included:
• Vinyl plank flooring
• New stainless steel appliances
• New hardware
• Installation of low-flow water technology fixtures
• Upgraded lighting packages
• Washers and dryers in five units

We closed escrow on October 21, 2016 at a sale price of $1,400,000 ($87,500/unit) netting our investors an approximate 36% cumulative return over the 14-month period of ownership.

This property was purchased for a California 1031 buyer. We were able to successfully buy and sell the property and put them into another 3rd Ave property, Regency Park, while still maintaining the tax benefit of the 1031 exchange.

$1.2 Million Sale of Aster Gardens in Central Phoenix Nets 164% Cumulative Return To Investors

Location: Phoenix, AZ
Property Type: Multifamily
Number of Units: 28
Acquisition Date: January 2015
Status: Sold December 2016

The Story:

3rd Ave Investments completed the sale of Aster Gardens, a 28-unit Class B multifamily complex in Central Phoenix for $1,202,000 million or $72,321 per door.

We purchased the property, located at 1950 W. Aster Drive, in January 2015. For $43,000 per door. The property underwent extensive capital improvements, which provided steady cashflow for 3rd Ave and its investors.

3rd Ave renovated all of the apartments with vinyl plank flooring, new stainless steel appliances, new hardware, low flow water technology fixtures, and upgraded lighting package. Several down units were renovated and rented. Within eight months of ownership, we were able to refinance the property and recoup all of the investors’ equity.

Aster Gardens is the ideal rental community: single story construction, a balanced unit mix consisting of majority two bedrooms, private patios, covered parking, along with great views of North Mountain.

The community offers:
• A laundry facility
• Swimming pool
• Modern kitchens with dishwashers
• Built-in microwaves
• Walk-in closets

We closed escrow on December 20, 2016 at a sale price of $2,025,000 ($73,321/unit) netting our investors a 164% cumulative return over the 23-month period of ownership.

$20.85 Million Sale of Dwell in Scottsdale Nets 100% Cumulative Return To Investors

Location: Scottsdale, AZ
Property Type: Multifamily
Number of Units: 193
Acquisition Date: July 2015
Status: Sold December 2016

The Story:

3rd Ave Investments completed the sale of Dwell Apartment Homes, a 193-unit Class B multifamily complex in the heart of Scottsdale for $20,850,000 million or $108,031 per door.

We purchased the property, located at 1923 N. 70th Street, in July 2015. The property underwent extensive capital improvements in recent years, including the renovation of all interiors and exteriors.

3rd Ave achieved rental premiums by installing wood vinyl flooring, new hardware, low-flow water technology fixtures, upgraded lighting packages and stackable washer and dryers.

Exterior renovations included:
• The entire exterior repainted with a new color scheme
• Landscaping throughout the community
• Demolition of a tennis court
• Addition of a new fire pit and barbeque area
• New dog park
• Fresh asphalt
• Expanded pools with pergolas and BBQs
• New tranquility garden

We closed escrow on December 29, 2016 at a sale price of $20,850,000 ($108,031/unit) netting our investors an approximate 100% cumulative return, and a 67% annualized return over the 17-month period of ownership.

$19 Million Sale of Solano Terrace in Phoenix Nets 108% Cumulative Return To Investors

Location: Phoenix, AZ
Property Type: Multifamily
Number of Units: 288
Acquisition Date: June 2015
Status: Sold September 2016

The Story:

3rd Ave Investments completed the sale of Solano Terrace, a 288-unit Class B multifamily complex in the Phoenix area for $19 million or approximately $66,000 per door.

We purchased the property, located at 4715 N. Black Canyon Highway in June 2015. Over our period of ownership, we increased the gross income from approximately $150,000 a month to $200,000 a month.

The 192,600-square-foot Solano Terrace consists studios, ones and twos. We installed washers and dryers to approximately half of the units and added premium upgrades to 10% of the building. Interior renovations included vinyl plank flooring, tile backsplashes, upgraded lighting packages.

The community features:
• A pool and spa
• Interactive playground
• Convenience to nearby shopping, grocery stores and restaurants
• Easy access to the light rail

We closed escrow on September 29, 2016 at a sale price of $19,000,000 ($65,972/unit) netting our investors an approximate 108% cumulative return over the 18-month period of ownership.

$24 Million Sale of Solano Village in Glendale Nets 83% Cumulative Return To Investors

Location: Glendale, AZ
Property Type: Multifamily
Number of Units: 260
Acquisition Date: March 2016
Status: Sold October 2017

The Story:

3rd Ave Investments completed the sale of Solano Village, a 260-unit Class B multifamily complex in Glendale, Arizona for $24 million.

We purchased the property, located at 5220 W. Northern Avenue, in March 2016. The property was rebranded with a new name, Solano Village, and fully renovated.

Built in 1979, Solano Village consists of 19 buildings on 17.5 acres. The two-story community offers a unit mix of 40 studio, 152 one-bedroom and 68 two-bedroom apartments ranging from 460 square feet to 1,000 square feet.

Renovations included:
• New signage
• The entire exterior painted
• Landscaping planted throughout the interior courtyards and exterior areas
• A BBQ area and playground installed
• All toilets and faucets upgraded to low-flow technology
• Select units upgraded

We closed escrow in October 2017 at a sale price of $24,000,000 netting our investors an approximate 83% cumulative return, and a 39% annualized return over the 19-month period of ownership. Investors will receive an excess distribution in the months to come, further increasing their total return.

$13.7 Million Sale of Avalon Apartments in Phoenix Nets 66% Cumulative Return To Investors

Location: Phoenix, AZ
Property Type: Multifamily
Number of Units: 117
Acquisition Date: December 2015
Status: Sold December 2017

The Story:

3rd Ave Investments completed the sale of Patio 15, a 62-unit Class B multifamily complex in the Camelback Corridor of Phoenix for $5.325 million or $86,000 per door.

We purchased the property, located at 1523 W. Colter Street, in February 2015. The property was rebranded with a new name, Patio 15, and fully renovated.

The 49,300-square-foot Patio 15, built in 1968-1969, consists of 15 buildings constructed on a rectangular site of approximately 3.75 acres. The complex has about 77 percent two-bedroom and 23 percent three-bedroom apartments. Common amenities include a swimming pool, laundry facilities and 115 uncovered parking spaces.

Renovations included:
• New signage placed on 15th Avenue, Colter Street and in front of the office
• The entire exterior painted
• Landscaping planted• throughout the interior courtyards and exterior areas
• Each interior patio framed, as well as the exterior of 15th Avenue •
• A BBQ area and playground installed
• All toilets and faucets upgraded to low-flow technology
• Select units upgraded

We closed escrow on September 28, 2016 at a sale price of $5,325,000 ($86,000/unit) netting our investors an approximate 66% cumulative return, and a 39% annualized return over the 19-month period of ownership. Investors will receive an excess distribution in the months to come, further increasing their total return.

$13.5 Million Sale of Regency Park in Phoenix Nets 93% Cumulative Return To Investors

Location: Phoenix, AZ
Property Type: Multifamily
Number of Units: 104
Acquisition Date: January 2017
Status: Sold May 2018

The Story:

3rd Ave Investments completed the sale of Patio 15, a 62-unit Class B multifamily complex in the Camelback Corridor of Phoenix for $5.325 million or $86,000 per door.

We purchased the property, located at 1523 W. Colter Street, in February 2015. The property was rebranded with a new name, Patio 15, and fully renovated.

The 49,300-square-foot Patio 15, built in 1968-1969, consists of 15 buildings constructed on a rectangular site of approximately 3.75 acres. The complex has about 77 percent two-bedroom and 23 percent three-bedroom apartments. Common amenities include a swimming pool, laundry facilities and 115 uncovered parking spaces.

Renovations included:
• New signage placed on 15th Avenue, Colter Street and in front of the office
• The entire exterior painted
• Landscaping planted• throughout the interior courtyards and exterior areas
• Each interior patio framed, as well as the exterior of 15th Avenue •
• A BBQ area and playground installed
• All toilets and faucets upgraded to low-flow technology
• Select units upgraded

We closed escrow on September 28, 2016 at a sale price of $5,325,000 ($86,000/unit) netting our investors an approximate 66% cumulative return, and a 39% annualized return over the 19-month period of ownership. Investors will receive an excess distribution in the months to come, further increasing their total return.

$38.5 Million Sale of The Nines in Tempe Nets 66% Cumulative Return To Investors

Location: Tempe, AZ
Property Type: Multifamily
Number of Units: 244
Acquisition Date: May 2016
Status: Sold July 2018

The Story:

3rd Ave Investments completed the sale of The Nines, a 244-unit Class B multifamily complex in Tempe for $38.5 million or $XX,000 per door.

We purchased the property, located at 999 E. Baseline Road, in May 2016. The property was fully renovated.

The 49,300-square-foot complex, built in 1968-1969, consists of 15 buildings constructed on a rectangular site of approximately 3.75 acres. The complex has about 77 percent two-bedroom and 23 percent three-bedroom apartments. Common amenities include a swimming pool, laundry facilities and 115 uncovered parking spaces.

Renovations included:
• New signage placed on 15th Avenue, Colter Street and in front of the office
• The entire exterior painted
• Landscaping planted• throughout the interior courtyards and exterior areas
• Each interior patio framed, as well as the exterior of 15th Avenue •
• A BBQ area and playground installed
• All toilets and faucets upgraded to low-flow technology
• Select units upgraded

We closed escrow on September 28, 2016 at a sale price of $5,325,000 ($86,000/unit) netting our investors an approximate 66% cumulative return, and a 39% annualized return over the 19-month period of ownership. Investors will receive an excess distribution in the months to come, further increasing their total return.