OVERVIEW
Ascension Capital works as a General Partner with Whitehaven Capital in the Multifamily space specifically in Phoenix, Arizona. To date, Ascension has participated in 8 transactions with Whitehaven, of which 5 have been exited with returns to investors exceeding 30% annualized. Currently two properties are operating under management (Haven at Arrowhead and Haven at P83) with a third looking to be closed by April 2022.
haven at ARROWHEAD
Haven at Arrowhead is a 136 unit apartment community located in the masterplanned community of Arrowhead, a suburb of Phoenix, AZ. The 1998 built property is situated next to a lake and golf course and within a few miles of the TSMC campus ($35B investment, projected to employ 10,000+ people) and was purchased for $45M in the Summer of 2021. $5M worth of renovation is currently budgeted that we anticipate will project to rental increases of roughly $450+/unit.
haven at p83
Haven at P83 is a townhome style community of 163 units that was built in 2007 and located in Peoria’s entertainment district of P83. The property is directly adjacent to shopping and Spring Training facilities for the San Diego Padres. The area is close to the TSMC campus but also situated amongst extensive shopping and entertainment. The units feature a mix of 1, 2 and 3 bedroom properties each with direct garage access and which average 1,100 SFT in size. The property is currently under renovation and we are seeking rents to reach $650/unit on average at the fulfillment of our value add strategy.