April 19, 2016
Adagio Apartments – $4.80MM JV Equity Investment
Adagio Apartments is a 208 unit property in Phoenix, Arizona.
DSI's investment of $4,800,000 for the value-add multifamily renovation funded in April 2016.
- Vacancy in the North Phoenix/Deer Valley submarket for Q4 2015 was 5.5% compared to 5.6% in 2014. Phoenix has an unemployment rate of 5% (U.S national average of 5.5%) and is experiencing rapid employment growth with 54,600 jobs added in 2015.
- Sponsor’s seventh multifamily acquisition/renovation in the Phoenix MSA and have owned, renovated and operated 2,945 units in the Phoenix MSA with a total acquisition value of $245 million
- The Property is located in Deer Valley, the largest employment corridor in Phoenix after Downtown