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Hi, I’m Drew, the Managing Partner at Affari. I’d love to learn more about how we can bring your vision to life. Drop your email below and I’ll get back to you within 24-48 hours to schedule a free consultation.
Affari Project
How it all started.
The Mission
"The Azul," a modern 9-Plex, offers a distinctive living experience with its arrangement of six 2-bedroom and three 1-bedroom apartments. Conveniently situated alongside the scenic Bitterroot Trail bike path, it ensures a secure and efficient commute across Missoula. The property initially had a small two-bedroom house on the front of the lot, while the rear section was thoughtfully divided to accommodate the apartments.
What We Did
February 2020 - Site Acquired
June 2020 - Boundary Line Relocation Applicaiton Submitted
December 2020 - Building Permit Issued/ Construction Begins
February 2022- Certificate of Occupancy
The initial construction budget for this project was set at $1.19 million. However, due to the ongoing price fluctuations during the COVID period, the final budget amounted to $1.37 million. Despite these unforeseen cost increases, the market rents adjusted significantly, compensating for these shifts.
All the principal capital invested has been successfully disbursed, along with the 7% return and the initial bonus check, to our valued investors. The concluding payment is set for Summer 2024, culminating in an impressive Internal Rate of Return (IRR) of 9.14%.
Quality Interiors
Considerable attention was devoted to enhancing the common areas of the building, setting it apart from other complexes in town. The infusion of a modern ambiance, coupled with cozy nooks situated in front of expansive windows, creates a communal experience of exceptional quality for both tenants and guests.
