Cornerstone at Ray Road Sold to Local Investor
VOS™ announced today the sale of multi-unit housing project, Cornerstone at Ray Road in Chandler, to a private real estate investor for $2.4 million, after doing something many multi-family investors find nearly impossible: improve property value by elevating service.
VOS’s management arm, VISIONS™ Management, oversaw the 16-unit apartment community for under three years, and appreciated it significantly and disproportionately with current real estate market growth. The reason says founder, Devin Vos, is the company’s commitment to hospitality management.
“Some said this project plan was too ambitious, but I believed in our VOS+1™ hospitality management model. Think service you’d find at a signature hotel or luxury townhouses. We’re bringing that experience to mid-market properties and guess what, it’s adding asset value,” said Vos.
This level of service includes rapid response to resident requests, regular communications with respect and gratitude, neighborhood involvement, and a community atmosphere. It creates a place where people want to be.
“This project was a special one. It needed TLC. That’s why I gave Devin Vos a shot,” said Pete TeKampe, real estate broker with Marcus & Millichap’s Phoenix office.
Cornerstone at Ray Road was fully leased when purchased. The VOS+1 implementation kept many residents while allowing the property to improve its resident mix and operating income through normal attrition.
When it came time to sell, Vos took the same care. “We wanted to make sure we had the right buyer for this property. Someone who understood service as top priority. We found that person,” said Vos referring to the new owner.
Vos started in real estate at the age of just 20 years old. He learned quickly that when you treat residents like you want to be treated, or better, great things can happen. That became foundational for his company which creates raving fans with every project.