Desert Ridge, Las Vegas
304 unit apartment building in Las Vegas, built in 1990
Located in east Las Vegas near high-value single family homes.
Well managed asset with additional room to grow.
A good submarket with comps that supported property upgrades and rent rate increases
Renovate the asset with ~$1.1M to upgrade interior units, exteriors and amenities.
Revamp the management by implementing rent optimizing strategies and replacing underperforming staff.
Acquired for $18.5M in 2015, ~$19.5M all in cost
Sold for $30.8M in 2018
Realized gross IRR of 85%
Increased rent 30%
Stabilized occupancy at 95%
Increased NOI 52%