Spruell Ave Development Details

Spruell Ave Development

371 W Spruell Ave, Coolidge, AZ 85128

This project involved an 8-unit complex and an additional one-acre of undeveloped land. Our aim was to renovate four of the existing units and pursue entitlements for the remaining land to construct an additional 30 units. Through these renovations, we could offer superior housing to our tenants and subsequently increase rent by approximately $300 to $400 per unit.

However, prior to the start pf the ground-up development, our team received an offer on the property, resulting in a 2.36x return for our investors. By employing effective asset management strategies, such as implementing RUBS and pet rent, REV was able to improve the property significantly. Although our initial plan was to build on the entitled land, we ultimately decided to sell the entire multifamily complex and the land for more than twice what we had paid for it 14 months prior, leveraging the proceeds towards our next project.

8 Units on 2 Acres

The subject property comprised of 8 pre-existing residential units along with 2 acres of land. To expand the property's scope, the REV team collaborated with local authorities to facilitate the rezoning of the land and the consolidation of parcels. Subsequently, we pursued entitlements to construct an additional 30 units. Simultaneously, the REV team engaged in renovating the existing units, resulting in rent increases exceeding $350 per unit.

Value-Add & Entitlement Strategy

This project constituted a value-add and ground-up development strategy in the growing town of Coolidge located to the South of Phoenix. The total project area spanned 2 acres. Our team collaborated with the city to initiate a rezoning effort, unify parcels, and secure entitlements for an additional 30 units. Meanwhile, we proceeded with a concurrent renovation effort of the pre-existing units, which resulted in an impressive $350+ increase in rents.

Phoenix MSA

Phoenix MSA, also known as the Phoenix metropolitan statistical area, is a major metropolitan area located in the state of Arizona, United States. The MSA includes the city of Phoenix, as well as surrounding areas.

Phoenix MSA has an estimated population of over 4.9 million people, making it one of the largest metropolitan areas in the United States. The economy of Phoenix MSA is diverse, with industries such as healthcare, finance, manufacturing, and technology playing a significant role.

The Phoenix MSA real estate market has been on an upward trend in recent years, with home prices steadily increasing. The region has seen a surge in population growth, which has contributed to the demand for housing.