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.