The Quin

1318 S Vineyard, Mesa, AZ 85210
Strategy: Value-Add
Status: Current
Purchase Price: $26,000,000
Acquisition Date: 03/31/2022
Units: 96
Renovation

The Quin was built in 1973 and consists of 96 total units, including 16 one-bedroom/one-bathroom and 80 two-bedroom/one-bathroom units. The apartment building is located just outside of Mesa’s Fiesta District, a 1.15 square mile business district that has seen more than $519 million of redevelopment projects over the last several years. Much like the rest of the Phoenix MSA, this particular area has received significant investment in housing in order to keep pace with demand and support the growing economy.

The Quin has seen little revitalization over time with unit interior finishes as well as the property’s exterior and amenities largely being in original condition. Breneman Capital has budgeted roughly $3,100,000 in capital improvements to reposition the property through enhanced curb appeal, upgraded amenities, and unit interior renovations.

The scope of work for the unit interior renovations include the installation of in-unit washer/dryers, new countertops, vinyl flooring, stainless steel appliances, and modern lighting/plumbing fixtures. The Quin also stands to benefit even further from enhanced property management and leasing.