Projected Investor Level IRR: 18.05%
Projected Investor Level EM: 1.87x
Built in two phases, 1973 and 1991, RENEW CARMICHAEL (the Property) is a two-story, 198-unit garden-style property. The property consists of one and two-bedroom units averaging 802 SF. Prior ownership renovated 38% of units and is achieving a $200-300 differential on renovated units.
Residents can enjoy two pools, a fitness center, package lockers, and a club lounge. Prior ownership completed over $4M in property upgrades including roof, siding, painting, walkways, railings, balconies, windows, lighting, and updated the clubhouse, leasing office, gym, and pool areas.
Located in Carmichael, a suburban submarket of Sacramento, the property is situated between Carmichael Park and the American River.
No. of Units 198
Hold Period 5 years