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Oberon Place is a 24-unit, garden style apartment community located in Phoenix, Arizona. The project was completed in 1981 and consists of wood frame and stucco construction. Tower’s client acquired the property in June of 2015 for $1 million and has since spent moderate capex to keep the property clean and has replaced appliances and other unit interiors as needed.

The borrower is an experienced private investor based in California who owns and operates a portfolio of approximately 5,000 apartment units throughout the southwestern US. They leverage economies of scale to keep operating costs low by spreading staff across various properties they own in the area. Since acquisition, the borrower has created significant value through the property renovations and installing better quality tenants who pay higher rents.

The 75% LTV loan allowed the borrower to pay off their existing acquisition bridge loan, cover financing costs, recoup money spent of capital improvements, and pull some extra cash out for additional investment opportunities.

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