Investment Overview

Adams Street (“the property”) is a 16-unit apartment community primely located just off the Washington Street intersection with Interstate 10 and less than a five-minute drive from Sky Harbor International Airport. Stationed in such near proximity to the metropolitan’s largest airport, in combination to the immediate access to Interstate 10, provides an enormous number of jobs in both the surrounding landscape and across the valley. Additionally, Adams Street is a mere two miles from the Innovation Employment Corridor, which is the largest in the state and home to powerhouse organizations such as Banner Health, IBM, and U-Haul. Developed in 1947, 1956, and 1961, the Adams Street offering is comprised of nine one-bedroom floorplans and seven two-bedroom floorplans, all with a weighted average size covering ±603 square feet. Future ownership will have the opportunity to capitalize on the current below-market rents by raising new-lease rates to match those achieved by similar properties nearby. Additionally, there is also the opportunity to upgrade each of the 14 unrenovated units with various interior finishes in order to realize the associated renovation premiums, and finally, there is the unique chance to convert the current laundry room back to a one-bedroom unit.