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Acme Capital

Pipeline/Sunset Ridge Apartments

Sunset Ridge Apartments

Demo
Phoenix, AZMapMultifamilyvia Marcus Chen – JLLScreening

Stage Checklist

Screening

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Confirm market vacancy and rent data

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Overview

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224-unit garden-style apartment complex in Phoenix, AZ. Built 2005, 94% occupied. Value-add opportunity through unit renovations — current rents 12% below market.

Risks

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- High interest rate environment squeezes returns - HOA deferred maintenance on pool and common areas - Phoenix market seeing increased supply in 2026

Notes

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Marcus Chen at JLL sent OM on 2/28. Owner wants all-cash offer. IC meeting scheduled for next Thursday.

Financial Snapshot

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Purchase Price

$28,500,000

NOI

$1,425,000

Cap Rate

5.00%

Debt Rate

6.75%

LTV

65.00%

Projected IRR

13.80%

Value-add assumptions: 12% rent-to-market bump over 3 years, 5-year hold, exit at 5.25 cap.

Underwriting Score

Demo data72/100

72

out of 100

8 of 8 criteria scored

Location Grade

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Strong Phoenix metro submarket with above-average population growth and consistent multifamily rent demand.

Tenant Quality

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Residential tenants at 94% occupancy with no single-tenant concentration risk.

Lease Term Remaining

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Short-term residential leases are standard for the asset class; rollover risk is managed by strong market absorption.

Debt Coverage Ratio

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Debt coverage at current rents is adequate but tightens materially under bridge rate assumptions.

Cap Rate vs Threshold

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5.0% going-in cap is at the low end of our threshold; value-add rent upside is the primary return driver.

Market Demand

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Phoenix is a top-tier U.S. multifamily market with strong net migration and a constrained supply pipeline.

Physical Condition

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2005 construction is structurally sound; unit interiors are dated but the deferred capex estimate is manageable.

Exit Strategy Clarity

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Clear value-add thesis — renovate units, push rents to market, and exit at a stabilized cap.

Files

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Contacts

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Marcus ChenbrokerSource

JLL

Decision Log

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Deal Createdabout 2 months ago

by Alex Rivera

Stage Changedabout 2 months ago

New → Screening

by Alex Rivera

File Uploadedabout 2 months ago

SunsetRidge_OM.pdf

by Alex Rivera

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