Case Study: San Marcos 24

24-Unit Multifamily | Apache Junction, AZ

Underwriting Discipline Meets Strong Execution: 30% Rent Out performance + Flexible Exit

Deal Snapshot

San Marcos 24 was acquired through a relationship-driven, off-market opportunity with favorable seller financing. Instead of a full repositioning, the strategy focused on safety, livability, and preserving affordability. The result: ahead-of-schedule lease-up, rent growth well above pro forma, and multiple paths for exit or refinance—all while protecting investor capital with a capital-efficient structure.

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Strategy

Leveraged 70% seller financing at 5% interest-only
Focused CapEx on strategic upgrades and deferred maintenance
Preserved workforce housing affordability while enhancing appeal
Avoided full renovation to maintain fast lease-up and low turnover
Targeted markets with demand tailwinds despite broader market softening.

Pro Forma vs. Actual Performance

Pro Forma – 5-Year Target

Purchase Price: $2,640,000

Seller Financing: $1,848,000 at 5% interest-only (5-year term)

Equity Invested: $1,130,000

Occupancy Ramp-Up Target: 50%+ within 6 months

Rent Forecast: Conservative increases to stabilize in 18–24 months

Actual – First 4 Months

Occupancy: 75%+ within months of acquisition

Rent Performance: 30% above pro forma

No Concessions: Leased up ahead of nearby comps

Monthly Cash Flow: Gaining strength as units stabilize

NOI: Trending upward faster than modeled

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Investor Insights

San Marcos 24 shows the value of strong operator relationships, fast execution, and creative capital structuring. With 70% seller financing and interest-only terms, we reduced upfront capital needs and boosted returns. Strategic renovations enabled above-market lease-up performance, even as other nearby properties struggled with incentives and extended vacancy. The flexibility to refinance, hold, or sell gives us optionality in a changing market—without sacrificing monthly cash flow. This is a real-world example of how thoughtful investing outperforms aggressive repositioning in volatile cycles.