888 N 1st Ave, Phoenix, AZ 85003

Union @ Roosevelt is a Class A+, 80-unit mid-rise development with 9,100 square feet or retail built in 2017, located in dynamic downtown Phoenix at 888 North 1st Avenue. This luxury community features premium condominium-quality finishes with attentive ground-floor retail. Union @ Roosevelt offers a significant competitive advantage through its 25-year tax abatement, with an estimated $5 million in tax savings over its duration.

Visit our property website for investment details and to request the offering memorandum.

The design, construction and quality finishes used to develop the property provides an opportunity to acquire a pride-of-ownership development. The five-story podium construction incorporates over 20 inches of concrete and foam to separate the parking structure from residential units, creating a superior noise reduction that is approximately twice the industry standard. Condo-style quality build, featuring reinforced and insulated adjoining party walls between units, expansive floor plans, unparalleled city views, and high-grade dual pane windows to minimize transmission of sound.

Interior unit finishes consist of custom cabinetry with nickel finish hardware, large walk-in closets, white quartz countertops with under mount stainless steel sinks, commercial kitchen faucets, high grade Whirlpool appliances and Smart box technology wiring throughout.

Located in an urban infill location, there are significant barriers to entry on competing multifamily within downtown Phoenix. Shortage of available land, rising construction costs and ad valorem property taxes make downtown Phoenix one of the most difficult locations to continue building. Union @ Roosevelt is a rare opportunity to acquire a core asset with a significant competitive advantage in the market place.

Property is positioned perfectly in a revitalized area of downtown Phoenix known locally as Roosevelt Row. The Roosevelt Row Arts District is a walkable, creative district in the urban core of downtown Phoenix that is nationally known for its arts and cultural events. Located on the southwest corner of 1st Avenue and Roosevelt Street, Union @ Roosevelt is positioned within a top employment corridor consisting of 120,000 jobs.

Newly developed, urban Class A+ luxury community; 2017 construction, fully leased and stabilized
Mixed-use development with 80 luxury units and 9,100 SF of retail
Estimated $5 million tax savings from 25-year Tax Abatement (GPLET)
Effective rents are 13 percent below current asking rents; asking rents are 9 percent below comparables ($1.92 vs. $2.09)
Immediate submarket boasts average occupancy of 95 percent
Mid-rise, podium construction with underground parking
Adjacent to Metro Valley Light Rail, nearest station is 300 feet away
High demand rental market with strong fundamentals; Phoenix CBD average rent is 48 percent greater than the Metropolitan average
Exceptional pre-lease absorption rate in Phoenix CBD which has averaged 25 units/property/month, nearly double Metropolitan average of 16
With a median age of 33, Phoenix is home to a large executive and professional workforce that complements the business environment of the city