Stone Canyon Apartments in Mesa, Arizona sold on May 11, 2015 for $47 Million. The 33 tenant-in-common co-owners originally purchased the property in June 2005, for $37.62 Million. Since taking over asset management of Stone Canyon in 2010, NAS’ leadership delivered 20 straight quarters of cash distributions to investors totaling over $3.5 Million, resulting in a cumulative ROI of over 95% to ownership, during the time-period the property was asset managed by NAS.
The high ROI and consecutive months of cash disbursements for Stone Canyon investors were impressive. However, the real success story of this property is that the achievement of these amazing results, including cash disbursements, were done so without compromising the quality of property operations; management, maintenance, landscaping, leasing, marketing, property improvements and most importantly, the living experience for Stone Canyon residents.
Aggressive marketing, leasing, superior maintenance and cost-efficient property upgrades, contributed to an overall occupancy level of over 90% for the property during the period the property was asset-managed by NAS. Significant property improvements included a new one-bedroom show model, complete exterior painting and a refurbishment to the lighted tennis court area.
The leasing and management staff focused on increasing resident renewals by providing strong customer service to existing tenants and proactively contacting renewals up to 120 days prior to their lease expiration.
Stone Canyon’s management team focused on reducing expenses by aggressively negotiating with several service providers to reduce and re-bid several contracts, including painting, carpet/vinyl, trash, asphalt repairs and pest control.
Management also organized numerous resident functions, such as pool parties, pancake breakfasts, breakfast-on-the-go and football kick-offs to build a sense of community and add to the quality of life for the residents.
Reaction from investors to the performance of NAS at the property included:
“As a longtime real estate investor, it was a pleasure to have NAS as an asset manager for my property. They are very detailed and bring a wealth of experience, resources, and knowledge to the assignment. Their involvement allowed me to deploy my time and attention to other pursuits, as I felt confident that they are the best people for the job.”
-Rich Miller, Mortgage Capital Partners
“Karen Kennedy and NAS have been amazing and have been managing three of my properties for 10 years. I am planning to use her and NAS for the new properties I am exchanging into. Without Karen and her incredible staff at NAS, we would never have been able to navigate through all the legal issues and laws. She is a very knowledgeable person that works ridiculous hours and I trust her completely. She and her staff are extremely professional. Karen Kennedy is an amazing person whom I am proud to call my friend!”
-Steve Gabor, Stone Canyon Investor