Cielo Apartments is a 360 unit apartment complex located on a new light rail station in the emerging “19 North” submarket of Phoenix. Built in 1981, the property is 94% occupied and well maintained for the vintage. There is significant upside to capitalize on under-market rents by implementing a repositioning and renovation strategy including, increased curb appeal, re-branding, common area renovations and unit interior upgrades. The property was not actively marketed for sale and owned and managed under the same ownership for the last 11 years. This under-managed asset was acquired all cash with a private equity partner. Agency financing will be arranged post-closing from Walker & Dunlap.