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Multifamily

Black Canyon 114

6713-6725 N 25th Dr, Phoenix, AZ 85017

Listing Price: Request For Offer

Number of Units
114
Gross SF
77,178

Investment Overview

Advantageously positioned just south of the Glendale Avenue and Interstate 17 (I-17) intersection, the Black Canyon 114 is a two-property portfolio consisting of the Canyon Greens and Wilshire Place apartment communities, conveniently located less than half a mile apart. Both properties offer an established value-add program in a centralized phoenix location built around its exceptionally convenient access to I-17. Steps away from this significant transportation artery, tenants of both properties enjoy desirable commute times to many of the largest employment corridors in the Valley. The Innovation Corridor running down Central Avenue, along with the I-17/Deer Valley Corridor located directly north of Black Canyon 114, are both less than five miles away, while the Biltmore/Camelback area is merely a seven-mile commute. The Black Canyon 114 also has the luxury of being in direct proximity of the powerful economic presence brought by Grand Canyon University and its ±110,000 student enrollment. The continued exponential growth of this community pillar is further supported by over $500M of total projected capital investments to be implemented by 2024. Similarly, two miles up I-17 north of Black Canyon 114, is the North Mountain Redevelopment Area, where ±$179M is being utilized thru Metrocenter Redevelopment, Valley METRO Light Rail Extension, High Education Expansion, and Sustaining Existing Commercial Businesses. Built in 1972 and 1983, Black Canyon 114 offers 114 units across two properties comprised of studios, one-bedroom, and two-bedroom units with an overall average unit size of 677 square feet. Future ownership will have the opportunity to renovate the 34 existing legacy units to capitalize on the $150-$300 associated premium, while also having the unique prospect of capitalizing on the efficiencies available from operating two sizeable properties in such proximity.

Investment Highlights

  • Portfolio consisting of Wilshire Place, a 48-unit community developed in 1983, and Canyon Greens, a 66-unit community developed in 1972. Wilshire Place has a stand-alone leasing/management office.
  • Proximity to the West Valley's premier University - Grand Canyon University.
  • Future ownership will have the opportunity to upgrade the remaining legacy units at each property to capitalize on renovation premiums already proven in the submarket.

Exclusively Listed By

Financing By

Multifamily

Black Canyon 114

Listing Price: Request For Offer

Number of Units
114
Gross SF
77,178

Investment Highlights

  • Portfolio consisting of Wilshire Place, a 48-unit community developed in 1983, and Canyon Greens, a 66-unit community developed in 1972. Wilshire Place has a stand-alone leasing/management office.
  • Proximity to the West Valley's premier University - Grand Canyon University.
  • Future ownership will have the opportunity to upgrade the remaining legacy units at each property to capitalize on renovation premiums already proven in the submarket.

Investment Overview

Advantageously positioned just south of the Glendale Avenue and Interstate 17 (I-17) intersection, the Black Canyon 114 is a two-property portfolio consisting of the Canyon Greens and Wilshire Place apartment communities, conveniently located less than half a mile apart. Both properties offer an established value-add program in a centralized phoenix location built around its exceptionally convenient access to I-17. Steps away from this significant transportation artery, tenants of both properties enjoy desirable commute times to many of the largest employment corridors in the Valley. The Innovation Corridor running down Central Avenue, along with the I-17/Deer Valley Corridor located directly north of Black Canyon 114, are both less than five miles away, while the Biltmore/Camelback area is merely a seven-mile commute. The Black Canyon 114 also has the luxury of being in direct proximity of the powerful economic presence brought by Grand Canyon University and its ±110,000 student enrollment. The continued exponential growth of this community pillar is further supported by over $500M of total projected capital investments to be implemented by 2024. Similarly, two miles up I-17 north of Black Canyon 114, is the North Mountain Redevelopment Area, where ±$179M is being utilized thru Metrocenter Redevelopment, Valley METRO Light Rail Extension, High Education Expansion, and Sustaining Existing Commercial Businesses. Built in 1972 and 1983, Black Canyon 114 offers 114 units across two properties comprised of studios, one-bedroom, and two-bedroom units with an overall average unit size of 677 square feet. Future ownership will have the opportunity to renovate the 34 existing legacy units to capitalize on the $150-$300 associated premium, while also having the unique prospect of capitalizing on the efficiencies available from operating two sizeable properties in such proximity.

Exclusively Listed By

Financing By

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