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RARE OPPORTUNITY - LARGE 3 BEDROOM TOWNHOMES NEAR LIGHT RAIL5010 N. 22ND AVENUE | PHOENIX, AZ | 85015
CRYSTAL CREEK
PROPERTY VISITATIONProspective purchasers will have the opportunity to visit the property via pre-scheduled property tours. These tours will include access to a representative sampling of units and access to maintenance and other similar facilities. In order to accommodate the property’s ongoing operations, property visitation will require advance notice and scheduling.
OFFER SUBMISSIONOffers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of Purchasers’ offers including, but not limited to (1) asset pricing, (2) due diligence and closing time frame, (3) earnest money deposit, and (4) qualifications to close. The purchase terms shall require all cash to be paid at closing. Offers should be delivered to the attention of Ryan Ash and Mike Woodrick using the email or fax number information listed below.
CONTACT INFORMATIONRyan AshSenior Managing DirectorTel: [email protected]
Mike WoodrickDirectorTel: [email protected]
ARA - Phoenix2398 E. Camelback RoadSuite 950Phoenix, Arizona 85016Tel: 602-252-4232Fax: 602-252-4236www.ARAnewmark.com
OFFER SOLICITATION PROCESS
2
TABLE OF CONTENTS04
07
20
24
31
32
EXECUTIVE SUMMARY
PROPERTY OVERVIEW
VALUATION SUMMARY
COMPARABLE SALES
APPENDIX
CONTACT
4
EXECUTIVE SUMMARY
ARA is pleased to announce the availability of Crystal Creek Townhomes, a 16 unit townhouse community. This offering represents the unique opportunity to acquire a 2004 constructed property consisting of all large 3 bedroom 2 bath townhouse style units. The townhomes are 1,091 square feet in size and interior amenities include modern kitchens with full size appliances and dishwashers, full size washer and dryers, walk-in closets, ceiling fans, and each unit has a large private patios. The community is situated on just under an acre and consists of 4 separate buildings built of wood-frame with an attractive stucco exterior. The townhomes are individually metered for electricity, with individual ground mounted HVAC’s, pitched asphalt shingle roofs and offer residents plenty of parking with 36 spaces. The property is extremely well landscaped with native desert Palo Verde and Mesquite trees, desert rock, flowers, bougainvillea’s and several grass areas with built-in picnic benches and barbecues for residents to enjoy. Crystal Creek Townhomes is situated on 22nd Avenue just north of Camelback Road in an established Central Phoenix neighborhood. The property is located within walking distance of the Valley Metro Light Rail station at 19th Avenue and Camelback providing residents with affordable transportation to Downtown Phoenix and beyond. The community is also within walking distance of Simpson Elementary School providing a great benefit to residents and their families. Major Employers in the area include Phoenix Baptist Hospital and the booming Grand Canyon University which has recently gone through a $60 million dollar renovation providing a great benefit to the local submarket through added employment and educational opportunities. In addition directly across Camelback Road on the SE Corner of 23rd Avenue and Camelback is the recently developed Westwood on Camelback, a 60K SF Neighborhood retail center anchored by “El Super” a popular Hispanic grocery store. One block north of the property is Christown Spectrum Mall which has 1.1 million square feet of retail and features 90 shops including five anchor tenants. This provides residents with a tremendous amount of employment, shopping, and entertainment venues. Currently the property is 100% occupied and current rents are at $1,100 per unit. Crystal Creek Townhomes provides an investor a rare opportunity to purchase an all 3 bedroom Townhome community, built in 2004 that is within walking distance of the Light Rail station. Furthermore, the community consists of four 4-plexs on separate tax parcels which may provide additional exit strategies to a Buyer.
• 2004 Construction, Individually Metered
• Large 3 Bedroom 2 Bath Townhouse Units –
1,091 SF
• Modern Kitchens; Full Size Appliances w/
Dishwashers
• Full-Size Washers & Dryers
• Attractive Desert Landscaping
• Built-In Picnic Tables & Barbecues
• One Block from Spectrum Mall
• Walking Distance to Light Rail Station
• 100% Occupied, $1,100 Rents
• Directly Across from Newly Developed
“Westwood on Camelback” (60K SF Retail
Center)
INVESTMENT HIGHLIGHTS
THE OPPORTUNITY
6
TOTAL UNITS 16
YEAR BUILT 2004
PRICE $2,800,000
PRICE PER UNIT $175,000
RENTABLE SF 17,456
AVERAGE SF PER UNIT 1,091
PROFORMA CAP RATE 5.50%
AVERAGE RENT PER UNIT $1,100
AVERAGE RENT PER SF $1.01
TERMS OF THEOFFERING
7
PROPERTY OVERVIEW
8
Crystal Creek Townhomes
ADDRESS: 5010 N. 22nd AvenuePhoenix, AZ 85015
COUNTY: Maricopa
YEAR BUILT: 2004
NUMBER OF UNITS: 16
NUMBER OF BUILDINGS: 4
STORIES: 2
RENTABLE AREA: 17,456
AVERAGE UNIT SIZE: 1,091
LAND AREA: 0.94 acres
MECHANICAL SYSTEMS / METERING
ELECTRICITY: Individually metered, resident paid
WATER/SEWER: Owner paid
TRASH DISPOSAL: Owner paid
CONSTRUCTION FEATURES
• Stucco Exterior• Pitched Roofs
AMENITIES
GRASS COURTYARD
BUILT-IN PICNIC TABLES
BUILT-IN BARBEQUES
UNIT TYPE NO. OF UNITS SQUARE FEET
PROFORMA MARKET RENT/MONTH
PROFORMA MARKET RENT/SQUARE FOOT
3 BED / 2 BATH 16 1,091 $1,100 $1.01
TOTAL / AVG. 16 1,091 $1,100 $1.01
PROPERTY DETAILS
9 © 2008, ALL RIGHTS RESERVED.
Reprinted with permission. © 2008, ALL RIGHTS RESERVED.
Reprinted with permission.
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ARIZONASTATE
UNIVERSITY
CarefreeCave
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SunCityEl
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Surprise
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Valley
Glendale
Youngtown
Litchfield Park Scottsdale
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Buckeye
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Guadalupe
ApacheJunction
Gilbert
Ahwatukee
Chandler
SunLakes
Queen Creek
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( 8 7 7 ) C A L L - P H X118 OFFICIAL VISITORS GUIDE V I S I T P H O E N I X . C O M OFFICIAL VISITORS GUIDE 119
Crystal Creek
Crystal Creek
Phoenix Baptist HospitalW. BETHANY HOME ROAD
Existing Light Rail
Existing Station
Christown Spectrum Mall
N. 19TH
AVEN
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N. 2
7TH
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Granada East SchoolGranada
Primary School
Bourgade Catholic High School
INTERSTATE
17
SimpsonElementary School
Grand Canyon University
Crystal Creek
W. CAMELBACK ROADWestwood
Shopping Center
11
DEVELOPMENTJust south of Crystal Creek Townhomes is the brand new retail development called Westwood on Camelback. The 65,600 sq. ft. shopping center will be anchored by El Super Grocery Store along with seveal other tenants such as Subway, Popeyes and BoSa Donuts.
Crystal Creek
Westwood on Camelback
SHOP
CHRISTOWN SPECTRUM MALLLocated nearby lies over 1.1 million square feet of retail. This indoor mall has over 50 stores including Target, JC Penny, Costco, WalMart Supercenter, Petsmart and a 14 screen Harkins Theatre and plenty of dining options.
PLAYChristown YMCA • This family friendly non-profit has something for everyone in the family including before and after school child care programs, fitness classes, swim lessons,
adult sports, and even certified personal trainers.
Solano Park• Solano Park has a lighted basketball court, playground, picnic areas, restrooms, soccer field and lighted tennis courts for everyone to enjoy.
Boys and Girls Club• Serving children ages 6-18, this organization offers affordable after-school and summer programs for young people with programs such as Academic Success
and Healthy Choices.
Phoenix Public Library - Yucca Branch • The library’s collection includes Spanish-language and English-as-a-Second-Language materials, as well as a variety of newspapers, magazines, DVDs, and
books. The library also offering daily events for family’s to enjoy such as Toddler Time, Bilingual Family Storytime, and we Read 30-day Challenge for kids.
Palo Verde Golf Course• This public nine-hole executive golf course offers a challenge for golfers of all handicaps with a lighted driving range to practice.
LEARNGRAND CANYON UNIVERSITYJust a short 10 minute drive away is the booming Grand Canyon University, a private, for-profit Christian university. With a fast growing student population of over 40,000 and 1,600 staff, GCU is currently undergoing massive expansion in every way. The 115-acre campus continues to experience an incredible, multi-million dollar expansion. A large portion of this expansion is complete, including a number of new residence halls, classroom buildings, dining facilities and student amenities.
• GCU is now a member of NCAA Division I with former Phoenix Suns shooting guard Dan Majerle overseeing GCU’s transition into NCAA Division I basketball.
• GCU has been recognized as a top-five online school for entrepreneurs by Fortune Magazine.
• With over a 100 majors and concentrations, GCU caters to traditional students through its campus based degree programs, as well as working adults who are offered the convenience of evening and online learning options.
WORK
Central and Camelback Corridors are both major employment centers for the city of Phoenix. Central Corridor is one of Phoenix's most vital and heavily traffiked stretches of roadway and major employers here include major banks and financial institutions, hi-tech companies, and several major law firms and government agencies. Camelback Corridor is one of the city's most acclaimed neighborhoods, the area is known as the financial district surrounded by upscale shopping and dining. Top employer for both areas include Kitchell, Best Western Corp, Copper Point, Symphony Health Solutions and Northern Trust Bank.
5,785 BUSINESSES
76,300+EMPLOYEES
20%FINANCE, INSURANCE & REAL ESTATE INDUSTRY
50% SERVICE INDUSTRY(LEGAL, HEALTH, AUTO-MOTIVE...)
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LIGHT RAIL• The 20-mile starter line, the longest starter line in federal New Starts grant history, opened
in 2008.
• Over 14 million riders use this transportation, making it the 12th busiest light rail in the country.
• Recent expansion has included going eastward through the Downtown Mesa area and will continue on to Gilbert road and a northern expansion up to Dunlap Avenue.
• The light rail provides rapid access to Downtown Tempe, Sky Harbor International Airport, Downtown Phoenix, and the Central Corridor.
Crystal Creek
17
PHOENIXMETRO PHOENIX EMPLOYMENT
13.2%11.4%10.2% 9.6%11.0%
6.9%5.9%5.5%3.8%3.4%3.4%
PROFESSIONAL & BUSINESS SERVICES
RETAILHEALTHCARECONSUMER SERVICES
FINANCE, INSURANCE & REAL ESTATE
EDUCATION
GOVERNMENT
CONSTRUCTION
TRANSPORTATION & DISTRIBUTION
HIGH TECH MANUFACTURING & DEVELOPMENT
HOSPITALITY, TOURISM & RECREATION
MAJOR EMPLOYERS1. Banner Health2. State of Arizona3. Walmart 4. County of Maricopa5. Frys Food Stores6. Wells Fargo7. Arizona State University8. Intel Corporation9. City of Phoenix10. Honeywell
FORTUNE 500'S1. Freeport-McMoRan
2. Avnet
3. Republic Services
4. Insight Enterprises
2NDLARGEST MILITARY
INSTALLATION IN THE WORLD
4THHIGHEST
CONCENTRATION OF AEROSPACE
MANUFACTURING JOBS
EXPECTED TO GROW
43,000HEALTHCARE JOBS IN
THE NEXT DECADE
TOP 5NATIONALLY FOR TECH
JOB GROWTH
PHOENIX IS......
MEDIAN HOUSHOLD INCOME OF
$53,3106TH
LARGEST CONCENTRATION OF DATA CENTERS
NATIONALLY
#5IN THE NATION FOR
BEST-QUALIFIED GRADUATES
3RDLARGEST LABOR POOL
IN THE WEST
A MEDIAN AGE OF
35.4THE SIXTH YOUNGEST
METRO IN THE U.S.
18
43,090 Employees at the Airport
$9.5 BILLION ANNUALLYDaily Activity Includes:
+1,200 Aircraft+120,000 Passengers+800 Tons of Air Cargo
Easy Access To and From Airportwith Phoenix Sky Train and
Access to Light Rail Directly at Airport
PHOENIX SKY HARBOR AIRPORT
Sky Harbor Airport has a Daily Economic Impact of
$79 MILLION
#1Best Airport in the U.S.
USA Today 2016
Largest Commerical Airport in the American Southwest, 43 Million
Passengers in 2016, and34TH BUSIEST IN THE
WORLD
19
THE CITY OF PHOENIX’SNOTABLE RANKINGS
10 FASTESTGROWING CITIES
TOP 5 FOR SMALLBUSINESSES
METRO PHOENIX RANKED BEST CITY FOR WORKING PARENTS
TOP 20 BEST PLACES FORTECH STARTUPS
EIGHTH BEST CITY FOR RECENT COLLEGE GRADUATES SEEKING A JOB
ARIZONA STATE UNIVERSITY
#1 IN U.S. FOR INNOVATION
#1 IN SWIPING FINANCIALJOBS FROM WALL STREET
PHOENIX TOP 10
FISCALLY FIT CITIES IN THE US
14TH
SAFEST CITY IN AMERICA
#1 AIRPORT IN THE U.S. - SKY HARBOR
#1 STATE FOR FUTURE JOB GROWTH
20
VALUATION SUMMARY
21
Financial Analysis Executive SummaryCrystal Creek TownhomesPhoenix, Arizona
Number of Units 16 Per Unit DollarsYear Built 2004 Effective Gross Income $12,740 $203,840List Price $2,800,000 Less: Operating Expenses 2,951 47,208Price per Unit $175,000 Less: Capital Reserves 150 2,400Price per Square Foot $160.40 Net Operating Income 9,639 154,232Rentable Square Feet 17,456 Debt Service 101,144Average Square Feet per Unit 1,091 Net Cash Flow (5.41%) $53,088Average Rent per Unit $1,100Average Rent per SF $1.01
Down Payment $980,000 Cap Rate 5.50%Proposed New Loan $1,820,000 Cash on Cash Return 5.41%Loan-to-Value 65%Interest Rate 3.75%Loan Term 5 YearsAmortization 30 Years
Disclaimer
This information has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm itsaccuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
PROPERTY OVERVIEW Proforma
Financing TermsFinancial Return
EXECUTIVE SUMMARY
UNIT MIX AND CURRENT MARKET RENTSUnit Mix and Current Market RentsCrystal Creek TownhomesPhoenix, Arizona
Proforma ProformaProforma Monthly Annual
Unit No. of % Unit Proforma Rent Rent Rent TotalDescription Units Type Sq. Ft. Rents /Sq. Ft. Total Total Sq. Ft.
3 Bdrm / 2 Bath 16 100.0% 1,091 $1,100 $1.01 $17,600.00 $211,200.00 17,456
Total / Avg. 16 100.0% 1,091 $1,100 $1.01 $17,600 $211,200 17,456
By Square Feet
Unit Mix
By Bedroom Type
Eff2%
1 Bed3%
2 Bed95%
2002%
3003%
80095%
22
Market Underwriting AnalysisCrystal Creek TownhomesPhoenix, Arizona
INCOME AssumptionsGross Scheduled Rent $211,200Gross Potential Income $211,200
Less: Vacancy (5.0%) (10,560)Total Rental Income 95.00% $200,640
Plus: Other Income 200 3,200
Effective Gross Income $203,840
EXPENSES per unit
Repairs & Maintenance $300 $4,800Administrative/Advertising 100 1,600Utilities 1,100 17,600Total Variable Expenses $1,500 $24,000Taxes 498 7,970Insurance 200 3,200Management Fee 6.00% 12,038Total Operating Expenses $2,951 $47,208Plus: Capital Reserves 150 2,400Total Expenses $3,101 $49,608
NET OPERATING INCOME $154,232
Debt ServiceNew Financing - $1,820,000 (65% LTV)Debt Service (3.75% P & I)Cash Flow After Debt Service (5.41%) $53,088
$101,144
Proforma
MARKET UNDERWRITING ANALYSIS
23
24
COMPARABLE SALES
76
THE HAVEN
APARTMENT NAME CITY UNITS PRICE $/UNIT $/SQ. FT. YOC SALE DATE
S Crystal Creek Phoenix 16 $2,800,000 $175,000 $160.40 2004 TBD
1 Mode Phoenix 20 $3,400,000 $170,000 $210.53 1966 6/2/2017
2 Trinity on 37th Phoenix 12 $2,337,500 $194,792 $195.57 1960 5/18/2017
3 11th Street Phoenix 14 $2,240,000 $160,000 $214.31 1962 5/15/2017
4 The Collins on Pasadena Phoenix 20 $3,200,000 $160,000 $188.70 1958 4/27/2017
5 Ben Pines Phoenix 15 $2,500,000 $166,667 $197.55 1978 2/28/2017
6 The Haven Phoenix 16 $2,463,158 $153,947 $186.60 1977 12/19/2016
7 Trinity Arcadia Phoenix 16 $2,600,000 $162,500 $176.09 1962 10/19/2016
Averages 16 $2,677,237 $165,847 $194.95 1963
TRINITY ARCADIA
COMPARABLE SALES
32
TRINITY ON 37TH 11TH STREET
5
4
THE COLLINS ON PASADENA
BEN PINES
1
MODE
1
5
210 S Roosevelt St - Revival On RooseveltTempe, AZ 85281Sale on 10/13/2016 for $3,000,000 ($180.93/SF; $150,000/Unit) - Research Complete20 Unit, 16,581 SF Class C Apartments Building Built in 1988
SOLD1
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: Revival Condominiums LLLPRoosevelt Park, LLCTrue Buyer: True Seller: Mentor Properties
Cal Desouza15169 N Scottsdale RdScottsdale, AZ 85254(480) 710-1929
Patrick BoydPatrick Boyd1440 W 12th PlTempe, AZ 85281(480) 747-4737
Buyer Type: Seller Type: Developer/Owner-RGNLOther - PrivateBuyer Broker: Listing Broker: Jones Group
Jim Jones(480) 607-7200
Jones GroupJim Jones(480) 607-7200
Sale Date:
Price/SF:
Sale Price:
$180.93
$3,000,000-Confirmed
10/13/2016Bldg Type:
Land Area:
Year Built/Age:RBA:
ApartmentsBuilt in 1988 Age: 2816,581 SF0.61 AC (26,402 SF)
Percent Leased: -
Transaction Details
Asking Price: -
Price/SF Land Gross: $113.63
Total Value Assessed:Improved Value Assessed
Land Value Assessed:
$1,113,500 in 2015$890,900$222,600
Percent Improved: 80.0%
Land Assessed/SF: $8.00
InvestmentSale Type:
GRM/GIM: -/-
ID: 3731027
-
Spacer
Escrow Length: -
Parcel No:
Financing:
124-31-026G, 124-31-026H
Down payment of $0.00 (0.0%)$600,000.00 from Sunny Bel Group LLC
Document No: 0752001Sale History: Sold for $3,000,000 ($180.93/SF; $150,000/Unit) on 10/13/2016
Sold for $1,950,000 ($117.60/SF; $97,500/Unit) on 8/28/2014 Non-Arms LengthSold for $1,075,000 ($64.83/SF; $53,750/Unit) on 3/20/2013Sold for $0 ($0/Unit) on 5/27/2009 Non-Arms LengthSold for $1,800,000 ($108.56/SF; $90,000/Unit) on 12/19/2006Sold for $1,450,000 ($87.45/SF; $72,500/Unit) on 10/1/2004Sold for $1,200,000 ($72.37/SF; $60,000/Unit) on 12/12/2000Sold for $851,064 ($51.33/SF; $42,553/Unit) on 11/19/1998
Copyrighted report licensed to ARA, A Newmark Company - 7983. 1/11/2017
Page 1
210 S Roosevelt St - Revival On RooseveltTempe, AZ 85281Sale on 10/13/2016 for $3,000,000 ($180.93/SF; $150,000/Unit) - Research Complete20 Unit, 16,581 SF Class C Apartments Building Built in 1988
SOLD1
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: Revival Condominiums LLLPRoosevelt Park, LLCTrue Buyer: True Seller: Mentor Properties
Cal Desouza15169 N Scottsdale RdScottsdale, AZ 85254(480) 710-1929
Patrick BoydPatrick Boyd1440 W 12th PlTempe, AZ 85281(480) 747-4737
Buyer Type: Seller Type: Developer/Owner-RGNLOther - PrivateBuyer Broker: Listing Broker: Jones Group
Jim Jones(480) 607-7200
Jones GroupJim Jones(480) 607-7200
Sale Date:
Price/SF:
Sale Price:
$180.93
$3,000,000-Confirmed
10/13/2016Bldg Type:
Land Area:
Year Built/Age:RBA:
ApartmentsBuilt in 1988 Age: 2816,581 SF0.61 AC (26,402 SF)
Percent Leased: -
Transaction Details
Asking Price: -
Price/SF Land Gross: $113.63
Total Value Assessed:Improved Value Assessed
Land Value Assessed:
$1,113,500 in 2015$890,900$222,600
Percent Improved: 80.0%
Land Assessed/SF: $8.00
InvestmentSale Type:
GRM/GIM: -/-
ID: 3731027
-
Spacer
Escrow Length: -
Parcel No:
Financing:
124-31-026G, 124-31-026H
Down payment of $0.00 (0.0%)$600,000.00 from Sunny Bel Group LLC
Document No: 0752001Sale History: Sold for $3,000,000 ($180.93/SF; $150,000/Unit) on 10/13/2016
Sold for $1,950,000 ($117.60/SF; $97,500/Unit) on 8/28/2014 Non-Arms LengthSold for $1,075,000 ($64.83/SF; $53,750/Unit) on 3/20/2013Sold for $0 ($0/Unit) on 5/27/2009 Non-Arms LengthSold for $1,800,000 ($108.56/SF; $90,000/Unit) on 12/19/2006Sold for $1,450,000 ($87.45/SF; $72,500/Unit) on 10/1/2004Sold for $1,200,000 ($72.37/SF; $60,000/Unit) on 12/12/2000Sold for $851,064 ($51.33/SF; $42,553/Unit) on 11/19/1998
Copyrighted report licensed to ARA, A Newmark Company - 7983. 1/11/2017
Page 1
210 S Roosevelt St - Revival On RooseveltTempe, AZ 85281Sale on 10/13/2016 for $3,000,000 ($180.93/SF; $150,000/Unit) - Research Complete20 Unit, 16,581 SF Class C Apartments Building Built in 1988
SOLD1
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: Revival Condominiums LLLPRoosevelt Park, LLCTrue Buyer: True Seller: Mentor Properties
Cal Desouza15169 N Scottsdale RdScottsdale, AZ 85254(480) 710-1929
Patrick BoydPatrick Boyd1440 W 12th PlTempe, AZ 85281(480) 747-4737
Buyer Type: Seller Type: Developer/Owner-RGNLOther - PrivateBuyer Broker: Listing Broker: Jones Group
Jim Jones(480) 607-7200
Jones GroupJim Jones(480) 607-7200
Sale Date:
Price/SF:
Sale Price:
$180.93
$3,000,000-Confirmed
10/13/2016Bldg Type:
Land Area:
Year Built/Age:RBA:
ApartmentsBuilt in 1988 Age: 2816,581 SF0.61 AC (26,402 SF)
Percent Leased: -
Transaction Details
Asking Price: -
Price/SF Land Gross: $113.63
Total Value Assessed:Improved Value Assessed
Land Value Assessed:
$1,113,500 in 2015$890,900$222,600
Percent Improved: 80.0%
Land Assessed/SF: $8.00
InvestmentSale Type:
GRM/GIM: -/-
ID: 3731027
-
Spacer
Escrow Length: -
Parcel No:
Financing:
124-31-026G, 124-31-026H
Down payment of $0.00 (0.0%)$600,000.00 from Sunny Bel Group LLC
Document No: 0752001Sale History: Sold for $3,000,000 ($180.93/SF; $150,000/Unit) on 10/13/2016
Sold for $1,950,000 ($117.60/SF; $97,500/Unit) on 8/28/2014 Non-Arms LengthSold for $1,075,000 ($64.83/SF; $53,750/Unit) on 3/20/2013Sold for $0 ($0/Unit) on 5/27/2009 Non-Arms LengthSold for $1,800,000 ($108.56/SF; $90,000/Unit) on 12/19/2006Sold for $1,450,000 ($87.45/SF; $72,500/Unit) on 10/1/2004Sold for $1,200,000 ($72.37/SF; $60,000/Unit) on 12/12/2000Sold for $851,064 ($51.33/SF; $42,553/Unit) on 11/19/1998
Copyrighted report licensed to ARA, A Newmark Company - 7983. 1/11/2017
Page 1
210 S Roosevelt St1 Sold: $3,000,000 ($150,000/Unit)Tempe 16,581 SF Multi-Family/Apartments
1133 W 5th St2 Sold: $7,150,000 ($162,500/Unit)Tempe 41,580 SF Multi-Family/Apartments
407-411 W 7th St3-1 Multi-Property Sale: $1,650,000 ($117,857/Unit)Tempe 13,300 SF Multi-Family/Apartments
419 W 7th St3-2 Multi-Property Sale: $1,650,000 ($117,857/Unit)Tempe 13,300 SF Multi-Family/Apartments
1214 S Farmer Ave4 Sold: $660,000 ($110,000/Unit)Tempe 4,029 SF Multi-Family/Apartments
1700 S College Ave5 Sold: $2,850,000 ($91,935/Unit)Tempe 21,600 SF Multi-Family/Apartments
Address City Property Info Sale Info
Copyrighted report licensed to ARA, A Newmark Company - 7983. 1/11/2017
Page 17
MODE
11TH STREET
THE HAVEN
TRINITY ON 37TH
THE COLLINS
BEN PINES
TRINITY ARCADIA
26
5
6
7
2
3
4
Crystal Creek
1
C R Y S T A L C R E E K A P A R T M E N T S5 0 1 0 N . 2 2 N D A V E N U E , P H O E N I X 8 5 0 1 5lamar
4227 w. lamar road85019
Unit Type SF # of UnitsNo. of Units: 16 Price: 2,800,000$ 3 Bedroom / 2 Bath 1,091 16Year Built: 2004 Price Per Unit: 175,000$ Totals 16NRA: 17,456 Price Per SF: 160.40$
Sale Date: TBD
Property Information Sale Information
M O D E A P A R T M E N T S4 2 3 1 - 4 2 3 7 N . 2 7 T H S T R E E T , P H O E N I X 8 5 0 1 6
mode apartments4231-4237 n. 27th streetphoenix 85016
Unit Type SF # of UnitsNo. of Units: 20 Price: 3,400,000$ 2 Bedroom / 1 Bath 875 20Year Built: 1966 Price Per Unit: 170,000$ Totals 20NRA: 16,150 Price Per SF: 210.53$
Sale Date: 6/2/2017
Property Information Sale Information
1
S
27
T R I N I T Y O N 3 7 T H A P A R T M E N T S3 4 1 6 N . 3 7 T H S T R E E T , P H O E N I X 8 5 0 1 8Trinity on 37th
3416 n. 37th streetphoenix 85018
Unit Type SF # of UnitsNo. of Units: 12 Price: 2,337,500$ 2 Bedroom / 1 Bath 800 12Year Built: 1960 Price Per Unit: 194,792$ Totals 12NRA: 11,952 Price Per SF: 195.57$
Sale Date: 5/18/2017
Property Information Sale Information
1 1 T H S T R E E T A P A R T M E N T S4 0 2 0 N . 1 1 T H S T R E E T , P H O E N I X 8 5 0 1 4
11th street4020 n. 11th streetphoenix 85014
Unit Type SF # of UnitsNo. of Units: 14 Price: 2,240,000$ 2 Bedroom / 1 Bath 740 14Year Built: 1962 Price Per Unit: 160,000$ Totals 14NRA: 10,452 Price Per SF: 214.31$
Sale Date: 5/15/2017
Property Information Sale Information
3
2
28
T H E C O L L I N S O N P A S A D E N A A P A R T M E N T S3 2 0 W . P A S A D E N A A V E N U E , P H O E N I X 8 5 0 1 3
the collins on pasadena320 w. pasadena avenue\phoenix 85013
Unit Type SF # of UnitsNo. of Units: 20 Price: 3,200,000$ 1 Bedroom / 1 Bath 720 8Year Built: 1958 Price Per Unit: 160,000$ 2 Bedroom / 1 Bath 768 6NRA: 16,958 Price Per SF: 188.70$ 2 Bedroom / 2 Bath 895 2
Sale Date: 4/27/2017 3 Bedroom / 2 Bath 1,200 4Totals 20
Property Information Sale Information
B E N P I N E S A P A R T M E N T S3 1 2 2 N . 3 8 T H S T R E E T , P H O E N I X 8 5 0 1 8ben pines
3122 N. 38th streetphoenix 85018
Unit Type SF # of UnitsNo. of Units: 15 Price: 2,500,000$ 2 Bedroom / 1 Bath 725 15Year Built: 1978 Price Per Unit: 166,667$ Totals 15NRA: 12,655 Price Per SF: 197.55$
Sale Date: 2/28/2017
Property Information Sale Information
5
4
29
T H E H A V E N A P A R T M E N T S6 5 0 1 N . 3 R D A V E N U E , P H O E N I X 8 5 0 1 3the haven
6501 n. 3rd avenuepheonix 85013
Unit Type SF # of UnitsNo. of Units: 16 Price: 2,463,158$ 2 Bedroom / 1 Bath 833 16Year Built: 1977 Price Per Unit: 153,947$ Totals 16NRA: 13,200 Price Per SF: 186.60$
Sale Date: 12/19/2016
Property Information Sale Information
T R I N I T Y A R C A D I A A P A R T M E N T S 3 2 3 4 N . 3 8 T H S T R E E T , P H O E N I X 8 5 0 1 8
trinity arcadia aprtments3234 n. 38th street
85018
Unit Type SF # of UnitsNo. of Units: 16 Price: 2,600,000$ Studio 240 2Year Built: 1962 Price Per Unit: 162,500$ 2 Bedroom / 1 Bath 1,000 13NRA: 14,765 Price Per SF: 176.09$ 3 Bedroom / 2 Bath 1,285 1
Sale Date: 10/19/2016 Totals 16
Property Information Sale Information
7
6
30
DisclosureApartment Realty Advisors of Arizona, LLLP, a licensed Arizona Broker, (collectively, the “Agent”) has prepared this material for limited use in the acquisition of certain Property or Properties, specifically, Crystal Creek Apartments in Phoenix, Arizona.
The Offering Memorandum is not intended to provide a completely accurate summary of the Properties or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective purchasers may need or desire. All financial projections are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and the Agent, and therefore may be subject to variation. The Offering Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the Offering Memorandum. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers.
Neither the Owner nor the Agent nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of the Contents (defined below), and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the Contents. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.
The Owner and Agent expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice. The Owner shall have no legal
commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property or Properties unless and until such offer for the Property or Properties is approved by the Owner, and any conditions to the Owner obligations thereunder have been satisfied or waived.
This Offering Memorandum and the Contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature and are not to be made available to persons not receiving copies directly from the Agent. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the Contents to any other entity (except for outside advisors retained by you if necessary, in your opinion, for your determination of whether or not to make a proposal) without the prior written authorization of the Owner or Agent, and that you will not use the Offering Memorandum or any of the Contents in any fashion or manner detrimental to the interest of the Owner or Agent.
If you have no interest in acquiring either of the Properties at this time, kindly return the Offering Memorandum forthwith.
APPENDIX
31
ARA PHOENIX2398 E. Camelback Road
Suite 950
Phoenix, AZ 85016
T 602-252-4232
RYAN ASHSenior Managing DirectorT 602-852-3784
C 602-525-4877
MIKE WOODRICKDirectorT 602-852-3789
C 480-540-1504
RELATIONSHIPS THAT DELIVER RESULTS.
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