A Consortium of investors from top real estate firms (ARA, Cushman Wakefield, and NGKF) saw potential in an outdated value add asset building of 19 units.
Seeking a partner with knowledge of the booming short term rental space to modernize and market the building, the consortium sought the expertise of Sojourn. Sojourn offers a model that includes master leasing, back of the house management, and guaranteed rent to gain greater ROI.
Within 30 days, Sojourn was able to fully furnish the apartments, market them, and start driving revenue.
The results? Immediate occupancy, outstanding back of the house services, and most importantly, achieved a cap rate of 9% that is outperforming the Phoenix market benchmark of 6.17%1.
1. North America Cap Rate Report | First Half 2018 - CBRE, 2018.