The Company plans to purchase a residential apartment development of 30 multifamily units located at 3432 N. 12th Place, Phoenix, Arizona 85014. The property consists of six separate buildings with a shared courtyard. The property was built in 1971 and is located off 7th street and Indian School Road. The property is made up of 16 two-bedroom one-bathroom units, 2 one-bedroom one-bathroom units, 4 two-bedroom one and a half-bathroom units, 8 two-bedroom one-bathroom townhome units that are averaged at 807 sq. ft.
Renovations will begin approximately 3 months after the property is acquired. We expect the property to be fully leased and stabilized 8 months after acquisition. It is anticipated that after the property has been upgraded and stabilized it will either be sold for $10,350,000 ($345,000 per unit) or refinanced after a three-year period.