flyer - master 4...uptown 68 urban apartment flats 301-337 west pasadena avenue, phoenix, az john...
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ABIMultifamily.com/portfolio/Uptown-68For more information please visit:UPTOWN 68 URBAN APARTMENT FLATSUPTOWN 68 URBAN APARTMENT FLATS
301 -337 WEST PASADENA AVENUE, PHOENIX , AZ 85013301 -337 WEST PASADENA AVENUE, PHOENIX , AZ 85013
Trophy Asset in One of the Best Locations in the Valley
Vintage Mid-Century Charm
Backs Up to The Newton, The Arrive Hotel, & Walking Distance to Uptown Plaza
Walking Distance to Two Separate Metro Light Rail Stations
Remodeled Top to Bottom - A Totally Turnkey Asset
New Windows, A/C Units (Approx. 50%), Roofs, Full Interior Upgrades, & Complete
Exterior Renovations
Minutes to the Famed 7th St. Restaurant Row
Value-Add Opportunity Exists Through Raising Older Leases to Market Rates
Value-Add Opportunity Exists Through Raising Older Leases to Market Rates
Offering Price: $10,540,000 68-Unit Multifamily Community in Phoenix, AZ
ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400
PROPERTY OVERVIEW
Price $10,540,000
Per Unit $155,000
Pro Forma CAP 6.16%
# of Units 68
Avg SF/Unit 729 SFBuilt 1958-1963
All information provided in reference to the property has been collected from sources deemed reliable. However, no representations or warranties are made as to the accuracy ofsaid information. In addition, no warranty or representation is extended to errors, omissions, change of price or other conditions. Any projections, estimates, opinions, financial orother assumptions are provided for example purposes and do not represent current or future performance of the property. Please consult with your legal, financial and taxprofessionals to make any determinations regarding whether the property is suitable for your needs and purposes.
OFFERING PRICE: $10,540,000
TOTAL UNITS: 68
YEAR BUILT: 1958-1963
Uptown 68 is a 68-unit apartment community located in the heart of northcentral Phoenix. It is truly a trophy asset. The property sits directly in theMedlock Place historic neighborhood, just northwest of Central andCamelback, which was recently named the "hottest" intersection inMetropolitan Phoenix. It is walking distance to two different light rail stationswith the closest one being approximately 300 yards away. The property backsup to the popular Newton mixed-use project and the hip Arrive Hotel which iscurrently under construction. The property is also walking distance to thepopular Uptown Plaza (AJ's Fine Foods, West Elm, Lou Malnati's Pizzeria, ShakeShack, etc.). This location is as popular as it gets, and allows residents to enjoy,with ease, so much of what Central Phoenix has to offer. With many dining (thefamed 7th St. Restaurant Row is also a short bike ride away), shopping, andentertainment options, as well as multiple freeway access points within minutes,Uptown 68 is an extremely desirable property for residents to live. Uptown 68consists of four separate properties built between 1958-1963. It contains a greatunit mix of studios, 1x1, 2x1, 2x2 and 3x2 units, and all are individually meteredfor electricity. These buildings exhibit amazing examples of the vintage,mid-century charm that is becoming more and more popular today, especiallyin this north central submarket. The property features two separate pool areas.Every unit has been completely remodeled top to bottom. The renovationswere just completed and the property recently stabilized, so many of thein-place leases were executed as the property was in the midst of construction.Many leases are coming due soon. Therefore, additional value-add opportunityexists by raising these leases to market rates as they renew (now that the projectis complete). This is a turnkey, trophy property in one of the best locations in theentire Valley.
UPTOWN 68 URBAN APARTMENT FLATS301-337 WEST PASADENA AVENUE, PHOENIX, AZ
JOHN KLOCEK PATRICK BURCHVice President Vice President602.344.9258 [email protected] [email protected]
John Kobierowski Alon Shnitzer Rue Bax Doug Lazovick Eddie Chang
Chuck LaBenz Brad Pickering Nathan Bruer Patrick Burch John Klocek Royce Munroe Ryan Smith
ABI MULTIFAMILY PHOENIX:
For more information please visit:ABIMultifamily.com/portfolio/Uptown-68
UPTOWN 68 URBAN APARTMENT FLATS