Hawthorne Condominiums

Hawthorne Condominiums is 182 units in a 276 unit condominium property that is located in Central Phoenix. The property is 98% occupied and has been owned by an individual investor for 5 years. The property was not widely marketed for sale which created unrealized embedded equity from the inception. There is significant upside with new ownership and active management to implement a new strategy to capture market rents and reduce expense to maximize value. The condominium maps offers another exit strategy other than a traditional sale of bulk units. This under-managed asset was acquired with a private equity firm and bridge financing.