THE PARAGON @ KIERLAND APARTMENTS – SCOTTSDALE, AZ
Tipton worked with one of our clients to identify and underwrite the purchase of the Paragon at Kierland apartments in Scottsdale, AZ. The property is a 276 unit, class A multifamily property located on approximately 10 acres immediately across the street from the upscale Kierland Commons outdoor shopping center. In addition to the proximity to the shopping center, the property also had exposure along the Western side to the golf course at the Westin Kierland Resort and Spa. Tipton performed all due diligence for the purchase of the property and took over the management of it when it closed in January of 2010. Tipton accomplished the following during the almost 4 years that we managed the property:
CONCLUSION – The timely purchase of the property, coupled with property improvements and unit upgrades implemented by the Tipton team resulted in significantly increased occupancy, rents and NOI. The property was sold approximately 4 years later and at a price that was 70% HIGHER THAN THE ORIGINAL PURCHASE PRICE. RETURN ON ORIGINAL CAPITAL WAS IN EXCESS OF 400% OVER THAT 4 YEAR TIMEFRAME.