Canyon 35

Canyon 35

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Overview

4336 North 35th Avenue,
Phoenix, AZ 85017

Located near the Grand Canyon University, Canyon 35 was WhiteHaven's first acquisition in the Phoenix MSA. This was also the first asset in our portfolio to complete a full cycle on a fully stabilized basis following the full implementation of our business plan and renovation scope. Our $1.4M renovation budget allowed us to increase rents by over $400 per unit. The revenue escalated steadily as the repositioning process evolved. Having started with $58,000 of collections, with nearly all of the units renovated we were able to increase income to $101,000, an increase of 74%. The resulting increase in value enabled WhiteHaven to double the partner investment in 36 months.

YEAR BUILT
1986
TOTAL UNITS
98
TYPE
Multifamily
TOTAL EQUITY RAISED
$3,571,000
PURCHASE PRICE
$8,150,000
acquisition date
8.17.2018
disposition date
8.18.2021
sale price
$15,500,000
hold period
36 months
irr
25%