Year built1997
RefSRC-PV-003
About this investment
Palm Valley is a 264-unit, Class B+ multifamily property located in Goodyear, part of the Phoenix MSA.
We acquired Palm Valley in an off-market transaction alongside our joint-venture partner whose principals had owned and operated approximately 6,000 units in western markets at acquisition.
Repositioning to Class B+ (from B) involved site improvements and light interior renovations to enhance residents' living experience.
Investment highlights
- Off-market acquisition
- Phoenix MSA exposure
- Western operator partnership
- Value-add plan
- Class B+ repositioning
- Asset sold 2021
Property specs
- Property style
- Multifamily
- Year built
- 1997
- Units
- 264
- Location
- Goodyear, AZ (Phoenix MSA)
- Acquisition
- 2017
- Total transaction
- $41.0M
- Spoke investor equity
- $8.9M
- Status
- Sold (2021)
Interior program
- Renovation scope
- Light interior upgrades
- Unit class
- Class B+ (from B)
Exterior program
- Site improvements
- Common-area enhancements
Market context
- MSA
- Phoenix
- Submarket
- Goodyear
- Strategy
- Value-add multifamily
Additional information
- Phoenix continues to represent one of the fastest growing cities in terms of population, job, and economic growth.
