3426 N 32nd St, Phoenix, AZ 85018

Multifamily investment opportunity to acquire the Phoenix 6 Portfolio, consisting of six two-story, garden-style properties totaling 792 units—The Perry, Ava Park, Serena Park, Red Sage, Ava North and Ava South. This portfolio offers immediate economies of scale within growing submarkets with a proven, value-add opportunity.

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There is strong rental upside by expanding on the current common area amenities and unit interior programs. With over $10.5 million spent to cure the deferred maintenance, in addition to starting the renovation process, this portfolio is perfectly positioned for a buyer to capture the tremendous remaining rent upside.

The Perry: 148 residential units in 14 buildings at 6231 North 67th Ave, Glendale, AZ (APN 144-16-001A and 114-16-032B)

Ava Park: 224 residential units in 12 buildings at 2524 West Glenrosa Ave, Phoenix (APN 154-18-002A and 154-18-002B)

Serena Park: 142 residential units in 11 buildings at 8546 North 59th Ave, Glendale, AZ (APN 143-46-035D and 143-46-035E)

Red Sage: 156 residential units in 10 buildings at 5704 West Thomas Road, Phoenix (APN 103-10-006Z)

Ava North: 73 residential units in three buildings, at 3426 North 32nd St, Phoenix (APN 119-08-048A)

Ava South: 50 residential units in four buildings at 3132 North 32nd St, Phoenix (APN 119-09-150)

All the properties are in urban, infill locations with strong employment and population growth. Phoenix Metro job growth has maintained a three-year trend of 3.2% and more than 69,000 jobs were added in 2019.

The Phoenix Metro is one of the largest metropolitan areas in the U.S. with over 4.9 million people, averaging 200+ new residents per day! This steady growth will allow the new owner to increase rents across all the properties upon stabilization. 

With all the major deferred maintenance cured and majority of the units in original condition, the new owner will be able to focus their business plan on fine-tuning the common area amenities, plus the unit upgrades. Their capital will be spent on items that have an immediate return.

This is truly a unique opportunity to acquire a portfolio located in the fastest growth metro for job, population and rent growth.  Even if the next owner does not continue the renovation program, this portfolio will continue to be a solid investment.

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