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Multifamily

Aspire Camelback

2201 & 2121 W Heatherbrae Dr, Phoenix, AZ 85015

Listing Price: $5,200,000

Cap Rate
5.00%
Number of Units
23
Price/Unit
$226,087
Price/Gross SF
$265.98
Gross SF
19,550

Investment Overview

Nestled just east of 23rd Avenue on Heatherbrae Drive sits Aspire Camelback (“the property”), a quaint 23-unit multifamily property sprawled out across over an acre and a half of land. Roughly two miles away is one of Arizona’s largest attractions, Grand Canyon University, home to a student population of ±24,000 on-campus students, as well as ±86,000 online students. Keeping up with its historical growth numbers, GCU’s strength is evidenced by welcoming its largest incoming class ever for the 2022-2023 school year, despite a recent national trend of less high school students choosing a college education as their next endeavor. On the east side of the property, opposite of GCU, is the ever-popular Uptown and Midtown Phoenix neighborhoods offering best in class lifestyle amenities, as well as the most powerful employment corridor in the Valley. Spotted throughout these two submarkets are unique dining experiences, shopping destinations, and entertainment options, while streaming down the middle of it all is the Innovation Employment Corridor and its ±71,000 employees over ±1,000 businesses backboned by companies such as IBM, Banner Health, and Dignity Health. Residents of the property will also enjoy immediate access to Interstate 17, a major transportation artery in Phoenix, allowing for ideal commute times to other parts of The Valley. Aspire Camelback is a 23-unit apartment community consisting entirely of two-bedroom one-bathroom units each covering 850 square feet. A proven out renovation program has been applied to 16 of the units, allowing for future ownership to complete the program on the remaining 7 units and capitalize on the associated $200 rental premium available based on rents achieved by similar properties in the submarket.

Investment Highlights

  • All 2-bedroom Units with Proven Renovation Program
  • Convenient Proximity to I-17 Allowing for Desirable Commute Times Across the Valley
  • Proximity to the West Valley's Premier University - Grand Canyon University

Exclusively Listed By

Financing By

Listing Price: $5,200,000

Cap Rate
5.00%
Number of Units
23
Price/Unit
$226,087
Price/Gross SF
$265.98
Gross SF
19,550

Investment Highlights

  • All 2-bedroom Units with Proven Renovation Program
  • Convenient Proximity to I-17 Allowing for Desirable Commute Times Across the Valley
  • Proximity to the West Valley's Premier University - Grand Canyon University

Investment Overview

Nestled just east of 23rd Avenue on Heatherbrae Drive sits Aspire Camelback (“the property”), a quaint 23-unit multifamily property sprawled out across over an acre and a half of land. Roughly two miles away is one of Arizona’s largest attractions, Grand Canyon University, home to a student population of ±24,000 on-campus students, as well as ±86,000 online students. Keeping up with its historical growth numbers, GCU’s strength is evidenced by welcoming its largest incoming class ever for the 2022-2023 school year, despite a recent national trend of less high school students choosing a college education as their next endeavor. On the east side of the property, opposite of GCU, is the ever-popular Uptown and Midtown Phoenix neighborhoods offering best in class lifestyle amenities, as well as the most powerful employment corridor in the Valley. Spotted throughout these two submarkets are unique dining experiences, shopping destinations, and entertainment options, while streaming down the middle of it all is the Innovation Employment Corridor and its ±71,000 employees over ±1,000 businesses backboned by companies such as IBM, Banner Health, and Dignity Health. Residents of the property will also enjoy immediate access to Interstate 17, a major transportation artery in Phoenix, allowing for ideal commute times to other parts of The Valley. Aspire Camelback is a 23-unit apartment community consisting entirely of two-bedroom one-bathroom units each covering 850 square feet. A proven out renovation program has been applied to 16 of the units, allowing for future ownership to complete the program on the remaining 7 units and capitalize on the associated $200 rental premium available based on rents achieved by similar properties in the submarket.

Exclusively Listed By

Financing By

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