Property
Villas on 35th & Pointe Metro
Location
Phoenix, AZ
Size
561 Units
Status
Currently Marketing
Type
Sale

Villas on 35th & Pointe Metro

All offers for Villas on 35th and Pointe Metro are due by October 13th, 2021.

BlueGate Partners in conjunction with NorthMarq presents Villas on 35th and Pointe Metro, two adjacent, garden-style communities totaling 561 units, strategically located in the dynamic Phoenix market. Phoenix continues to experience unprecedented job growth, which is fueling robust demand for multifamily housing in the market. The asset is poised for significant revenue growth via organic market rent increases; current asking rents are up to +$300 below the submarket. Investors have the tremendous opportunity to increase revenue and value by continuing the proven interior renovation program and increasing rents. Additionally, investors can focus on other ancillary income opportunities and management inefficiencies to improve operations and increase value.

ASSET HIGHLIGHTS

• Prime opportunity to continue the proven interior value-add program: Currently 45% of the portfolio (251 of 561 units) is renovated with average rental premiums of $165/month without a washer and dryer and $225/month with a washer and dryer.

• Opportunity to install washers and dryers in the remaining units and collect and additional $60/unit/month: Currently only 11% of the portfolio (62 of 561 units) have washers and dryers installed.

• Strong submarket dynamics as current asking rents are up to +$300 below submarket competitors.

• Opportunity to capitalize on ancillary income opportunities such as implementing a covered parking fee of $20/space for a potential annual revenue gain of $135,600.

• Premier opportunity to gain economies of scale in one of Phoenix’s most densely populated areas.

• Strategically located just two miles west of the Phoenix Light Rail Station on 19th Avenue and Northern which extends nearly 30 miles across 38 stations allowing an effortless commute from Northwest Phoenix, to Downtown, Tempe, and Mesa.

• Proximity to I-17 and Deer Valley Employment Corridors, Downtown Phoenix, Grand Canyon University, ASU West Campus, and Glendale Community College.