Azalea Ridge Apartments

MULTIFAMILY

Zavala acquisition and business plan execution of Azalea Ridge embodied Zavala’s entrepreneurial and opportunistic spirit. The extremely well-located property was originally built in 1971. By the time Zavala purchased the property in 2018, it had fallen into disrepair with substantial deferred maintenance. Other active buyers did not have the bandwidth or creativity to make sense of an asset with such distress, so Zavala was able to purchase the asset at an excellent basis.

During Zavala’s 14 month period, almost $1 million was invested in the community to fix substantial deferred maintenance issues, replace windows and roofs, modernize the buildings and amenities, and renovate units. The project required extensive and dedicated property, asset, and construction management, and Zavala’s experienced team delivered an exceptional turnaround. Upon the asset’s sale in 2019, LP investors earned an excellent and above-market return.