CVG Properties Acquires Sky at P83 Apartments for $46,750,000

Phoenix, AZ - February 15th, 2018 - CVG Properties recently acquired Sky at P83 Apartments, a 296-unit, off-market, Class B+ property in Peoria, AZ for $46,750,000 ($157,939/unit).

Located in Peoria's P83 Entertainment District, Sky at P83 offers immediate access to shopping, entertainment, and dining. The Peoria Sports Complex, the spring training facility for the Seattle Mariners and San Diego Padres, Harkins Arrowhead 18, Arizona Broadway Theatre, and more than 20 restaurants are located within P83. Also within 2 miles of Sky at P83, Arrowhead Towne Center is a 1.3M SF mall anchored by Macy's, Dillard's, DICK'S Sporting Goods, and AMC Theatres.

CVG plans to complete both an interior and exterior renovation program. The interior renovation program will consist of a range of full and partial upgrades to flooring, fixtures, appliances, cabinetry, and countertops designed to drive rents toward rents already achieved by the Class A product within the nearby vicinity. To better position the property within the submarket CVG intends to further enhance the two on-site clubhouses, two pool areas, fully appointed fitness center, and revitalize the lush green spaces throughout the property.

With the City of Peoria's commitment to continually improving the P83 District, CVG believes that the improving market fundamentals and the systematic renovation program being implemented will position the property to outperform CVG's expected returns.

About CVG Properties: Founded in 1993, CVG targets properties with strong fundamentals, attractive risk/return profiles, and substantial value creation potential. Through detailed market analysis CVG targets real estate assets that can be purchased for less than replacement cost and are located in regional sub markets which are positioned to benefit from improving local market fundamentals.