Multifamily Redevelopment. 88,648 sq. feet. Units- 104. TOTAL PROJECT COST: $15,678,096
Located in Phoenix, AZ, Vesta on 12th (formally called Regency Park) was purchased in 2018 through the use of a 1031 exchange. The property was well maintained, but lacked the appropriate branding for a property located in a neighborhood which was quickly gentrifying. Due to the reasonable condition of the property, all upgrade dollars are being spent on individual unit interiors, increasing the property’s revenue. Vesta on 12th's property stands to gain from a hot Phoenix market that is the second fastest growing rental market in the nation.