roosevelt transcript
A written commentary by Pete Schnepp describing Asset Stream’s acquisition of The Roosevelt (2202 Roosevelt St, Phoenix), a 44-unit, fully vacant, value-add multifamily purchased for $3.5M with $150K down and $3.35M seller financing. The plan is a phased value-add: light renos to stabilize (target ~$6–6.5M value), a $1.0–1.5M renovation scope (Phase 2) with supportive housing possibility and longer-term potential to add units via zoning. Key finance highlights: seller-carry 7% interest-only for 5 years, 12-month extension at 0.5% fee, no prepayment penalty, and seller subordination to future construction financing. Total project capital need is estimated at $1.5–2.0M. Proposed JV equity partner would contribute ~$1.5–1.75M with a proposed 60/40 equity split (60% to capital partner), projected project-level IRR ~18–22%, and stabilization expected within 12–18 months.
Questions this document answers
$3,500,000
$150,000 (4.3%)
$3.35M seller-financed at 7% interest-only for 5 years
12-month extension option at 0.5% fee
2202 Roosevelt St, Phoenix, AZ — 44 units