Palms Apartments Portfolio (SOLD)
PHOENIX | ARIZONA
ABOUT THE ASSET
The 374-unit Palms Apartment portfolio is comprised of three separate apartment complexes, all specializing in the rental of fully furnished studio and one-bedroom apartments on a weekly, monthly, and annual basis. Acquired in the summer of 2016 for roughly 53% less than apartments in their same comp set, the assets have seen steady financial improvement under the direction of Caliber Property Management. A $426,000 renovation was completed across the three properties with improvements such as parking lot repairs, new GFCI’s and carbon detectors. The assets are strategically located, and each provide multiple exit strategies and potential for a future asset redevelopment. This asset portfolio has been sold.