Case Study: Bellview 8

8-Unit Multifamily | Mesa, AZ

From Steady to Stellar: 5.2x Equity Multiple + Double Infinite Returns

Deal Snapshot

Bellview 8 was acquired with a conservative plan: manage tenants well, execute modest upgrades, and position for long-term wealth growth. What unfolded was far greater—thanks to strategic refinances, disciplined execution, and market-savvy timing, this 8-unit property produced outsized returns, including two infinite refinance events and a final IRR estimated at 40%+.

Strategy

Executed focused tenant management and moderate unit upgrades
Increased rents steadily to drive NOI growth
Positioned the property for refinance to extract capital and fund additional acquisitions

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proforma vs Actuals

Pro Forma (2025)

Stabilized Cap Rate: 7.39%

IRR: 16.5%

Cash-on-Cash Return: 10%

Projected Gross Rent: $82,200

Annual Appreciation Assumed: 3%

Choosing the Right Structure for You

Actual Performance (2025)

Gross Rent: $115,200 — 40% above projections

Annual Equity Appreciation: ~20%

Infinite Refi #1 (2021): $212K tax-free, full capital return

Infinite Refi #2 (2025): Additional cash extracted through portfolio-level refi

Infinite Refi #2 (2025): Additional cash extracted through portfolio-level refi

Current Appraised Value: $1.38M

Remaining Equity: $700K+

Equity Multiple: 5.2x+

Estimated IRR: 40%+ over 8 years

Investor Insights

This deal is a case study in strategic patience and value creation. What initially appeared to be a base hit turned into a grand slam through smart financing and disciplined.