Western Region

Siena Townhomes

Address: 1950 Simmons St. Las Vegas, NV 89106
Units: 195 | Date Purchased: October 2014

Gramercy Apartments

Address: 1727 W. Glenoaks Ave. Anaheim, CA 92801
Units: 116 | Date Purchased: January 2014

Azul Apartment Homes

Address: 1020 N. Magnolia Ave. Anaheim, CA 92801
Units: 100 | Date Purchased: January 2014

Racquet Club Apartments

Address: 44045 15th St W. Lancaster, CA 93534
Units: 200 | Date Purchased: January 2014

Harvest Glen

Address: 200 South Linden Ave., Rialto, CA 92376
Units: 347 | Built: 1989 | Date Purchased: June 2013

Lake Sahara

Address: 2500 Karen Ave., Las Vegas, NV 89121
Units: 296 | Built: 1972 | Date Purchased: JULY 2012

Villas at Desert Pointe

Address: 895 Sierra Vista Drive, Las Vegas, NV 89169
Units: 346 | Built: 1973 | Date Purchased: JUNE 2012

Park Vista

Address: 1001 Pecos Road, Las Vegas, NV 89101
Units: 156 | Built: 1984 | Date Purchased: MARCH 2012

Arville Park Apartments

Address: 2600 Arville Road, Las Vegas, NV
Units: 140 | Built: 1975 | Date Purchased: May 2011

Executive Summary:
Arville Park was sold by the Lender as a foreclosure sale. The property was approximately 85% occupied at the time of acquisitions and SRC was able to reach 100% leased occupancy within 3 months of ownership. The property was in need of several repairs to help stabilize and fill the property back up. SRC completed major capital items such as: new monument signage, new exterior accent painting, new dog park, new playground, new pool furniture, new business center, new bbq grills, new model, upgraded leasing office, upgraded wood flooring, upgraded appliances, and upgraded counter tops. The property was acquired All Cash and SRC plans to refinance most or all of the equity invested within 12 to 24 months of acquisition. Arville Park is well located 1 mile west of the Las Vegas strip on the corner of Sahara and Arville Street.

Bella Estates

Address: 5101 East Twain, Las Vegas, NV 89122
Units: 185 | Date Purchased: May 2010

Paradise Square

Address: 4801 Harrison Drive, Las Vegas, NV 89121
Units: 146 | Date Purchased: May 2010

Regency Heights

Address: 3650 East Lake Mead Blvd, Las Vegas, NV
Units: 144 | Date Purchased: May 2010

Alvista on Baltimore

Address: 5401 Baltimore Drive, La Mesa (San Diego), CA
Units: 408 | Built: 1980 | Date Purchased: October 2008

Executive Summary:
The Alvista on Baltimore was acquired in late 2008. The 406-unit property was previously under the same ownership for approximately 30 years. The owners had not kept the property up to market standards. Instead, they have continued to maintain the property in acceptable conditions for a project of its vintage, but have made no effort to keep the rents at market or update the property to be competitive with its peer group or provide professional management on-site. The asset is four separate properties built from 1970 to 1980 and are all contiguous. The property is in a strong market and has performed well after its $3MM exterior renovation that took four vintage properties located contiguously and has been combined to run as one property. Capital improvements include new paint, new signage, installation of a dog park, leasing office expansion and remodel of the interior units.

Alvista on the Highline

Address: 11135 East Alameda Ave., Aurora (Denver), CO
Units: 96 | Built: 2002 | Date Purchased: April 2008

Executive Summary:
SRC purchased Alvista from a developer who failed in his conversion of the asset to condominiums in May of 2008 and can claim to be the first in the "Great Recession Downturn" to place Fannie Mae take out financing on a broken condominium. Constructed in 2001, Alvista on the Highline was converted into condominiums in 2006. Originally a 96-unit luxury apartment community, the current owners sold 7 of the units as condominiums, at an average of $175,000/unit. Unfortunately the current owners timed their sales alongside the depreciating housing market, made it very difficult to sell the remaining units as condominiums. But because of its prime location and asset quality, Alvista on the Highline leased out the remainder of the condominiums as apartments. The project is currently over 95% occupied and has consistently been there since 3 months after SRC purchased the asset. SRC has raised income over 30% since purchasing the asset.