TUCSON, AZ — The Associated Press is reporting a Phoenix-based apartment company, Second Chance Rentals, is expanding to Tucson thanks in part to its target clientele: convicted felons.

Second Chance Rentals brought its practice of renting to felons and evictees, a population other landlords might consider high-risk, to the Tucson market this summer.

“Felons are our best clients,” CEO Les Boynton said. “They value their housing.”

Public defenders such as assistant Pima County public defender Joel Feinman say finding housing is one of several issues people with felony convictions have to deal with.

“It’s not just sex offenders or murderers who suffer these consequences,” he said. “It’s people who are convicted of possession of marijuana or felony shoplifting.”

Boynton, whose clients are all non-violent offenders, said he has rented to more than 22,000 people at 120 apartment complexes in Phoenix since starting his company in 2003. He does not work with sex offenders, habitual drug dealers or people who are frequently in and out of prison, the Arizona Daily Star reported click here for story.

Second Chance oversees a 52-unit complex in Tucson that Boynton and a group of investors bought in May.

“To my knowledge, there is no model specifically like that in Tucson,” said Mike Chapman, a specialist in multifamily housing for Tucson-based NAI Horizon, a commercial real estate company.

The property has a 96 percent occupancy rate. The company intends to buy or manage another 400 units by the end of the year, Boynton said. It could be needed in a county where nearly 41,000 people have been convicted of felonies in the last decade.

Sharli Pettit, who is 19 and more than eight months pregnant, had difficulty finding a place because of her prior conviction for methamphetamine possession. But just a few hours after checking out a small apartment owned by Second Chance, she signed a contract.

“It’s really hard to find a place that allows people like me, being a felon,” she said. “All I want to do is turn my life around.”

https://www.my2ndchancerental.com/

See RED Comp #2871 for additional information.

Phoenix, Arizona –The Los Compadres Apartments in Phoenix sold for $2,400,000 ($25,000 per unit). The 96-unit multifamily complex is located at 3518 W. Dunlap Avenue in Phoenix, AZ.

Neil Sherman and Carrick Sears, multifamily specialists with Sperry Van Ness in Phoenix, represented the investor, Pat Stojak of Cojak Properties, LLLP, in the purchase of Los Compadres Apartments.

“I was happy to acquire an amazing multifamily deal at $25k/unit and $25/SF,” said Pat Stojak of Cojak Properties. “Carrick Sears and Neil Sherman were instrumental in bringing us this opportunity and helping us bring it to fruition given the complexity of the purchase with the neighboring condos. We are looking forward to adding another 96-units to our multifamily portfolio.”

“The existing portfolio has been enjoying close to 95% occupancy due to management provided by Cojak Properties by its manager Les Boynton and his team at Second Chance Rentals,” said Sears. “Les can take almost any property and get up to 90% occupancy within 90 days.”

“This was an interesting deal, almost like a broken condo project, but not quite, as all 96-units were on one tax parcel, but adjacent to condos that were sold off individually during a prior conversion,” said Sears of Sperry Van Ness. “This property has excellent street frontage and visibility to attract tenants and a large main office to make it a viable opportunity.”

The complex is in the North Mountain neighborhood of Phoenix. Nearby parks include Cortez Park, Hoshoni Park and Sunset Park; 3518 West Dunlap Avenue has a Walk Score of 57 out of 100 so is ‘Somewhat Walkable’ for some errands to be accomplished on foot and a bike score of 67 out of 100.

The seller, DJS Los/Com was represented by Dawn Demarco of CityWalk Real Estate in Scottsdale.

Sherman and Sears should be reached at (480) 425-5500 for more information and Demarco is at (602) 820-2600.