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Multifamily

Urbana at 27th

2302 N 27th St, Phoenix, AZ 85008

Listing Price: $12,700,000

Cap Rate
4.85%
Number of Units
55
Price/Unit
$230,909
Price/Gross SF
$293.03
Gross SF
43,340

Investment Overview

Placed at the corner of 27th Street and Oak Street, Urbana @ 27th (“the property”) is advantageously positioned to reap the rewards of living adjacent to three of the most coveted neighborhoods in the Phoenix Metropolitan Area. Arcadia, just northeast of the property, is Central Phoenix’s most affluent neighborhood underpinned by superior household incomes and market leading home values. Directly north of the property, the Biltmore area is also flush with multi-million dollar residences, in addition to a plethora of luxury dining and shopping experiences headlined by Biltmore Fashion Park that showcases ±597,000 square feet of upscale retail destinations, including Saks at Fifth Avenue and Williams Sonoma. Inside this submarket, the Camelback Employment Corridor offers a robust lineup of top-tier employers such as Cisco and Charles Schwab, along with access to ±46,000 employees. Completing the surrounding landscape is the burgeoning urban culture that covers the Midtown Phoenix submarket. Historic infrastructure investments have resulted in the area’s gentrification and revitalization, filling the spotlight with many of the Valley’s culinary hotspots and the powerful Innovation Employment Corridor streaming down Central Avenue. Built in 1963, Urbana @ 27th is a 55-unit property offering five different floorplans covering studio, 1-bedroom, two-bedroom, and four-bedroom options. 33 of the units are two-bedroom townhomes laying out 940 square feet. Only 22 of the units have received a full, premium-level upgrade, which allows for future ownership to take full advantage of executing the proven renovation program to capitalize on the $150-$300 rental premium available based on rents achieved at similar properties in the submarket.

Investment Highlights

  • 60% two-story, townhome style floorplans including private patios. 60% of units renovated.
  • Strong Location Fundamentals | The property's prime central location allows for immediate access to two of the largest employment corridors in Arizona, Camelback/Biltmore and Innovation Corridors.
  • Low Density | Urbana at 27th rests on just under 2 acres of land (28.21 units to the acre). The low density orientation of the property is best highlighted by it's large expansive courtyards.

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    First Vice President/Regional Manager

    (262) 364-1900

    License(s) AZ: 56163-90

    Arizona

Financing By

Multifamily

Urbana at 27th

Listing Price: $12,700,000

Cap Rate
4.85%
Number of Units
55
Price/Unit
$230,909
Price/Gross SF
$293.03
Gross SF
43,340

Investment Highlights

  • 60% two-story, townhome style floorplans including private patios. 60% of units renovated.
  • Strong Location Fundamentals | The property's prime central location allows for immediate access to two of the largest employment corridors in Arizona, Camelback/Biltmore and Innovation Corridors.
  • Low Density | Urbana at 27th rests on just under 2 acres of land (28.21 units to the acre). The low density orientation of the property is best highlighted by it's large expansive courtyards.

Investment Overview

Placed at the corner of 27th Street and Oak Street, Urbana @ 27th (“the property”) is advantageously positioned to reap the rewards of living adjacent to three of the most coveted neighborhoods in the Phoenix Metropolitan Area. Arcadia, just northeast of the property, is Central Phoenix’s most affluent neighborhood underpinned by superior household incomes and market leading home values. Directly north of the property, the Biltmore area is also flush with multi-million dollar residences, in addition to a plethora of luxury dining and shopping experiences headlined by Biltmore Fashion Park that showcases ±597,000 square feet of upscale retail destinations, including Saks at Fifth Avenue and Williams Sonoma. Inside this submarket, the Camelback Employment Corridor offers a robust lineup of top-tier employers such as Cisco and Charles Schwab, along with access to ±46,000 employees. Completing the surrounding landscape is the burgeoning urban culture that covers the Midtown Phoenix submarket. Historic infrastructure investments have resulted in the area’s gentrification and revitalization, filling the spotlight with many of the Valley’s culinary hotspots and the powerful Innovation Employment Corridor streaming down Central Avenue. Built in 1963, Urbana @ 27th is a 55-unit property offering five different floorplans covering studio, 1-bedroom, two-bedroom, and four-bedroom options. 33 of the units are two-bedroom townhomes laying out 940 square feet. Only 22 of the units have received a full, premium-level upgrade, which allows for future ownership to take full advantage of executing the proven renovation program to capitalize on the $150-$300 rental premium available based on rents achieved at similar properties in the submarket.

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    First Vice President/Regional Manager

    (262) 364-1900

    License(s): AZ: 56163-90

    Arizona

Financing By

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