PHOENIX, AZ - Break of Day Capital and Limitless Estates have purchased the La Casa Apartments in Phoenix, Arizona for $15.15m. This is their second acquisition in Arizona in the last seven months and their business plan is to purchase four more properties in the next twelve months.
“We’re excited to enter into the Phoenix market. We have been actively searching for several months and look to rev up our acquisitions over the next year or two.” said Gary Lipsky, President of Break of Day Capital.
“La Casa fits perfectly into our business model of C-Class Value Add Opportunities with 100+ units in the Phoenix and Tucson markets. With our partnership with Break of Day Capital, we’re perfectly aligned to continue to seek new opportunities.” said Kyle Mitchell, Managing Partner of Limitless Estates.
Re-branding has already begun with a new name - East 3434. Leading the value-add work is the property management team of Shelton Residential. Other partners include Velocity Capital, StarView Partners, Stack Rock Capital and ALK Capital.
Break of Day Capital is focused on acquiring multifamily real estate investments that offer value-add opportunities throughout the US. We look in growing markets for under-managed assets to maximize investor returns year after year.