Investment Overview

Located just west of the 23rd Avenue and Belmont Avenue intersection, The Premier ("the property") has the extreme advantage of Grand Canyon University being less than four miles away. The property is also primely positioned for immediate access to major transportation arteries. I-17, as well as access to the Valley Metro Light Rail are both less than half a mile away, providing effortless transportation across the Phoenix metro. Ample employment opportunities are found through the nearby I-17 Employment Corridor, boasting more than 43,000 employees across ±1,200 businesses. Additionally, the property sits between Chirstown Spectrum Mall – an iconic Phoenix retail center featuring Harkins Theaters, Walmart, and Target – and Metrocenter Mall, which is currently undergoing a $1 Billion redevelopment. Developed in 1990, The Premier is a 14-unit multifamily community comprised of 12 oversized one-bedroom floorplans averaging 810 square feet and 2 three-bedroom floorplans averaging 1,200 square feet. All floorplans are equipped with side-by-side washer/dryers. Both three-bedroom units and 1 one-bedroom unit have received upgraded interior finishes including stainless steel appliances, wood-style vinyl flooring, granite countertops, and refinished cabinet boxes with new doors. Future ownership will have the opportunity to renovate the remaining 11 units to capitalize on associated premiums proven in the submarket and the current loss-to-lease by bringing all unit rents up to market.