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AZ Condo Development REO – Due Dilegence phase
Category: Commerical REO
Unfinished Condos in Tempe, AZ - Asking Price: 15.5 Million – Current Value 50 Million.
The Opportunity
This developer has spent $50 Million to get the project to its current state. It was to be sold as a condominium. The buyer can complete the project and sell out the units as condominiums.
This project has completed two (2) of six (6) residential four storey apartment blocks. There are now 58 completed units, with occupancy permits in place and they are ready for “MOVE IN”. Carpet, tile, or (hardwood) and a full appliance package are already installed in each unit.
In addition to the two (2) apartment blocks the club house, pool, exercise room with equipment is in place, completed and ready to go. This building will house the sales and/or rental office.
Furthermore the developer completed the underground garage structures for four (4) additional buildings which would add additional 112 units.
Highlights
- The project was intended and constructed to be a high end condominium.
- The project can be purchased far below replacement cost.
- The existing 58 units are “Ready To Go”, never lived in.
- The condo map is in place allowing for an immediate sales program to begin.
- The project has public bus service to the front door and is walking distance to the Phoenix’s new light rail.
- All of the landscaping is completed, including fencing and controlled access gates.
- There is underground parking allowing for ONE parking space for every BEDROOM.
- The underground garages completed for the additional four buildings is worth in excess of $5.6 million
- The building permits and developments have been prepaid for the additional 112 units.
- The few remaining new units of a competitor are currently selling in access of $340 per square foot.
Contingencies
As a “Worst Case Scenario” the buyer can rent the existing competed units and build out the remainder when market conditions correct. The units would rent at rates that would carry the investment and still allow returns ahead of comparable rental investments.
Standard Procedures for review and bidding apply.
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- Gary Martin, Allied Investments
- Mr. Ronald Bayer - First
Financial Investing 
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Mr. David Byrns - President - REF4 Funds.
- Debra Tillman 
M. Cameron - Charlotte NC
