Newly rebranded as DUO, the renovated property now increased in value by 216% from the time of acquisition to completion of renovation
In October of 2016, we acquired the 121-unit Casa Blanca in Phoenix, AZ in the up-and-coming Melrose District. The previous owner ran Casa Blanca as a month-to-month rental property. This fact, the condition of the property, and the existing tenant profile all limited the interested buyer pool.
We saw great potential for this property – a great opportunity to capitalize on below-market rents through an extensive renovation. We took the building “down to the studs” – updating 100% of the units and upgrading all of the amenities.
Newly rebranded as DUO, the renovated property now included an additional unit by repurposing an underutilized maintenance shop. New landscaping included planting more than 1,000 trees and shrubs, and utility systems were all upgraded.
- Rents increased more than 97% over the average in-place rents at the time of acquisition
- Despite the new plantings, the water bill showed 87% savings after the re-pipe
- Overall utility expenses were reduced 58% through system upgrades
- Value of the property increased by 216% from acquisition to completion of the renovation
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