Haven on Thomas

Overview

Haven on Thomas was WhiteHaven's fifth acquisition in Phoenix MSA. This 104-unit community is located on Phoenix's West side, an area in midst of significant revitalization spurred by the completion of the 202 freeway. During our short ownership period of just one year, we deployed approximately $2.8M into capital improvements and repositioning which resulted in monthly revenues scaling from $76,000 at the lowest point to $163,000 at the time of our exit. The renovation scope included a complete reappointing of 100% of the unit interiors, including new cabinets, appliances, fixtures, flooring and paint, a total renovation of the office, and new landscaping and common areas throughout. Upon exiting this asset we were able to deliver a return of nearly 60% IRR to investors based on a multiple of 1.8x.