Investment Overview

Planted on the west side of 24th Street between Thomas and Indian School Road, View on 24th (“the property”) is a mid-sized apartment community primed to receive a high-level renovation program to showcase its maximum potential. Headlining the enormous upside captured by the property is an abundant array of employment opportunities, along with endless dining, shopping, and entertainment destinations, all within the immediate vicinity. Less than two miles to the north, as well as to the west, are two of the most robust employment corridors in the state. The Camelback/Biltmore employment corridor, a short commute up 24th street, is home to well-known organizations such as Cisco, Charles Schwab, and Humana, while the Innovation employment corridor jolting down Central Avenue into downtown holds the compelling presence of many powerhouse firms including Bank of America, IBM, and Wells Fargo. Woven throughout the extrusive corporate skyline, the affluent neighborhoods of Arcadia and Midtown Phoenix, as well as the expanding urban culture of Midtown Phoenix, hold some of the most sought-after lifestyle amenities found in the metro. Beyond immediate access to ±597,000 square feet of luxury retailers found at Biltmore Fashion Park, tenants are also within only a few miles from Downtown Phoenix. Furthermore, State Route 51 less than a mile from the property enables a preferred minimal commute time to any destination throughout The Valley. View on 24th is a 50-unit apartment community offering 32 studio and 18 one-bedroom units with an overall average unit size of ±431 square feet. All units are being delivered in classic form, allowing for the outsized opportunity for new ownership to capitalize on the top-tier location of the asset by applying premium interior upgrades to each unit. In doing so, rental premiums of ±$125 will be available based on rents achieved by similar properties in the submarket.