Location: Mesa, AZ
Investment Type: Value Add
Stratford Partners sourced Candela Park (fka Chelsea) completely off-market. Property was in original 1984 condition; cosmetically outdated and with significant deferred maintenance. Stratford Partners’ value add business plan included a full interior/exterior renovation including expansion of the clubhouse and amenities, systems modernization, curing all deferred maintenance, and new management strategy which included implementation of a RUBS program, higher tenant credit standards, and expense controls. Rent increases of nearly $200/unit were achieved resulting in NOI growth of over 100%.