2333 East Thomas Road, Phoenix, AZ, 85016, US

Thomas Suites

Asset description

JLL is pleased to introduce Thomas Suites, an exceptional investment opportunity located on 24th Street & Thomas Road in Phoenix, Arizona. The property, which previously operated as an Embassy Suites, offers the potential for a profitable 182-unit multifamily conversion with the conversion site plan expecting city approval in August, 2024.

Thomas Suites presents a unique opportunity for investors looking to capitalize on the growing demand for multifamily housing in the Phoenix market. With a strategic location in a desirable neighborhood, the property benefits from its proximity to various amenities, including restaurants, shopping centers, and recreational facilities. Its convenient access to Arizona Route 51, Loop 202 & Phoenix Sky Harbor International Airport, make Thomas Suites an attractive option for renters looking for easy accessibility.

The existing 182 units provide a solid foundation for conversion into modern, stylish multifamily residences. The last partial renovation was completed in 2008, highlighting the opportunity to modernize the property and tap into the demand for contemporary and well-appointed housing options.

Thomas Suites is a unique investment opportunity to acquire a ready-to-convert high-growth potential multifamily asset at a low basis, allowing for outsized cash flow and returns for future ownership.

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Attributes

Units

182

Investment strategy

Value Add

Year built

1972

Year renovated

2008

Building area net

10,294 sm

Media

Investment highlights

Ready-to-Convert Hotel to Multifamily Asset: 182 one-bedroom units that average _____ sq.ft. with kitchenettes await modernization to achieve top market rents. Site plan is scheduled to be approved in August.

Strategic location: The Community is located on 24th Street & Thomas Road in Phoenix, Arizona with proximity to Arizona Route 51, Loop 202, and Phoenix Sky Harbor International Airport.

Value-add opportunity: The entire property was last renovated in 2008 as an Embassy Suites, allowing for a flexible renovation program to modernize all units, improving the common area space, and unlocking the assets future value.

Proximity to employment hubs: Thomas Suites is near Downtown Phoenix, Midtown Phoenix, and the Camelback Corridor, collectively providing over 200,000 jobs.

Amenity Rich Community: Community amenities include a spacious pool, fitness center, lobby/rental office, community kitchen, meeting/event spaces, bar area, and more. Once activated through a renovation and update, Thomas Suites will be able to provide residents with an amenity package that would rival newer vintage properties in the area.

High barriers to entry: Limited new construction in the Central East submarket, with high demand outpacing supply. Only one property under construction and one planned project in the area. (no. of units under construction) Take from OM