Cashflow For Life is pleased to offer the opportunity to invest in Grandview Terrace, a 36-unit garden-style apartment community located in a desirable north Phoenix neighborhood.
INVESTMENT HIGHLIGHT
- Number of Units: 36
- Year built: 1984
- Number of Buildings: 1
- Number of Stores: 3
- Parcel Size: 0.82 Acres
- Projected annual ROI: 13.6%
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PROPERTY OVERVIEW
Grandview Terrace is a 36-unit garden-style apartment community located in a desirable North Phoenix neighborhood. Built in 1984, the property is made of block construction with pitched roofs and is individually-metered for electricity. The property has an excellent unit mix and features three spacious floor plans ranging from 450 square foot studio units to 700 square foot two-bedroom units.
The community is situated on approximately 0.82 acres and has low water use desert landscaping. Community amenities include covered parking, an on-site laundry facility and a swimming pool. Grandview Terrace offers a rare opportunity to acquire a low maintenance 1980’s garden style apartment community with mostly two bedroom floor plans. In addition, we will be able to take advantage of below market rents in an improving North Phoenix rental market.
MARKET OVERVIEW
Expanding area of North Phoenix. The property is located on Grandview Road just south of Bell Road and east of Cave Creek Road. Grandview Terrace offers residents a short commute to a variety of retail shops and employment opportunities and is within one and a half miles to the State Route 51. In addition, the property is within proximity to the Pointe Golf Club at Lookout Mountain where homes are valued at over $1 million. Major employers in the area include Life Care Center of Paradise Valley, Costco, Arizona Natural Resources Inc, Paradise Valley Unified School District, and Target
BUSINESS PLAN
The initial holding period of Garden View Apartments is 5 years. During that time, capital improvements will be made inside and outside the rental suites which will enhance the attractiveness of the apartment complex. In total, $90,000 dollars has been set aside for this purpose. This will allow us, over time, to raise the amount of rent being charged which will boost the value of the property. We anticipate the demand for rental units to strengthen as the local economy creates more jobs and recovers from the last economic recession. With a strong management team in place, we expect the apartment complex to continue to experience high occupancy levels and produce strong cash flow from operations.
