Investment program
We buy older apartment buildings of four to thirty units in central and west Phoenix, renovate them to a standard that passes inspection the first time, and then operate them ourselves. Investors come in alongside us on a specific building rather than into a fund or a blind pool.
This page is the thesis and the operating detail. It carries no projected returns, no pro forma and no deal terms, which is deliberate and explained at the foot of the page.
Older buildings in central and west Phoenix, bought below replacement cost, with the deferred maintenance already visible from the parking lot. Buildings this size sit under the radar of institutional buyers: too small to move the needle for a fund, too much work for most individuals. That gap is why disciplined pricing is still possible in them.
At the rents the market is paying today, not the rents a listing asks for. An asking rent is an opinion; a signed lease is a fact, and the difference between the two is where most small multifamily underwriting goes wrong.
Scope is written against Housing Quality Standards, with the finishes chosen for durability rather than for photographs. The target is a unit that passes inspection on the first visit and then stops generating repair calls, because a failed inspection costs weeks and a cheap faucet costs them twice.
Leasing, inspections, rent approvals, maintenance, collections and owner accounting all run through AZ Affordable Rentals, in the same office. Nobody hands the building to a third party manager after closing and hopes, because the people who underwrote it are the people who have to live with it.