Investment Highlights

• Meticulously Maintained Class A BTR Asset

  Casitas at San Marcos offers 256 apartment homes in a low-density, build-to-rent community with 10-foot ceilings, featuring a distinctive mix of one-bedroom (20%), two-bedroom (43%), and three-bedroom (36%) single-story residences. Enhanced by attractive amenities such as a resort-style pool and spa, picnic area, and putting green. Casitas at San Marcos provides a harmonious blend of privacy and comfort akin to single-family living, without the maintenance and financial commitments of home ownership.

• 2014-Vintage, Cash-Flowing, Stable BTR Platform with Value-Add Potential

  The asset demonstrates strong in-place performance including 94% average occupancy, low delinquencies, limited concessions, and 78% average monthly retention through 2025. With 100% of units in original condition, new ownership can execute a full interior renovation, enhance backyards, repurpose structures into amenities, add a dog park, and roll out ancillary income programs in line with newer BTR product.

• High Barriers to Entry and Limited BTR Development

  Chandler’s Infill nature, limited land availability, and restrictive zoning create significant barriers to new development, particularly in the BTR sector. Currently, there are currently no BTR units under construction and only one community in lease-up.

• High Mortgage Rates and Limited Resales Bolster Build-To-Rent Demand

  Elevated mortgage rates and constrained resale inventory are expected to sustain strong demand tailwinds for Casitas at San Marcos’ differentiated build-to-rent offering, which provides an estimated $1,811 monthly savings versus the cost of homeownership in Chandler.

• Young and Affluent Resident Demographics Provide Room for Rent Growth

  Boasting an average household income over $100,000, Casitas at San Marcos’ affluent resident base promotes long-term rental growth. The current rent-to-income ratio stands at only 23.9%.

• Chandler: Exception Demographics with Top-Ranked School District in Arizona

  Casitas at San Marcos is situated in the #1 School district in AZ – Chandler Unified School District, offering residents easy access to its highly rated (A) schools. Chandler schools are renowned for their educational excellence, consistently earning accolades and recognition for outstanding performance.

• Prime, Infill Southeast Valley Location Near Leading Demand Generators

  Casitas at San Marcos is ideally located near major transportation routes, less than 0.5 miles from Loop 202, 1 mile from State Route 87, and 2.5 miles from Loop 101. This strategic positioning ensures quick access to the East Valley’s employment centers, with over 70,000 employers and ±1,084,000 jobs within a 30-minute commute.

• Strong Employment & Infrastructure-Driven Demand Supporting Long-Term Value

  Located in a prime Chandler location within the Southeast Valley employment corridor, the property benefits from proximity to Intel and the Price Road Corridor, supporting a diversified employment base across advanced manufacturing, technology, & healthcare. Intel’s $20 billion Ocotillo campus expansion and ongoing Chandler Regional Hospital growth further reinforce long-term housing demand from a highly paid workforce and support durable value appreciation.