3130 N 7th Ave, Phoenix, AZ, 85013-4137, US

El Cortez

Asset Description

JLL is pleased to introduce El Cortez, a premier 162-unit value-add apartment community situated in the heart of Midtown Phoenix, also known as the Phoenix Medical Quarter. With 162 units, this offering presents a compelling investment opportunity in one of Phoenix’s most sought-after submarkets. Furthermore, there is significant value-add potential through the renovation of an additional 50 units, complementing the 112 units that have already undergone successful upgrades. In addition, a new owner may have the opportunity to acquire the 3 separately owned units and dissolve the HOA which will provide additional efficiency and cost savings to the operation.

Boasting a main-and-main location in Midtown Phoenix, El Cortez provides residents with unparalleled access to a dynamic, urban lifestyle, characterized by the convenience of being within walking distance to the highly anticipated $1 billion Park Central Mall Redevelopment and the esteemed $100 million Creighton University Health Sciences Campus. The property’s prime positioning has continuously attracted a diverse range of tenants, evident in its distinguished performance.

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Attributes

Number of units

162 units

Year built

1962

Building area net

65,934 sf

Land area net

2 acres

Media

Investment Highlights

Dynamic Central Phoenix Location with High Barriers to Entry
Potential to Assume Debt or Deliverable Free and Clear
Just South of the Redeveloped Melrose District with Numerous Boutique Retail and Independent Restaurants
Major Area Employer Includes: Banner Health, St. Joseph's Hospital, Century Link, Dignity Health, State of Arizona, Bank of America, APS, U-Haul
Approximately 70% of the Units have been Extensively Renovated and Repositioned with $16,000+ per Unit in Capital Improvements
Excellent Street Frontage on 7th Avenue with Traffic Counts Over 32,000 Vehicles Per Day
A Quick 1-Mile Walk to St. Joseph's Hospital, Walking Distance to Park Central and Creighton University