6545 North 19th Avenue, Phoenix, AZ, 85015, US

Avenue 19

Asset Description

JLL is pleased to introduce Avenue 19, a 134-unit apartment community located in Phoenix, Arizona. This charming low maintenance community shows great pride of ownership with a retro mid-century modern design. The Property features 100% spacious one-bedroom units, each averaging 703 square feet with floor-to-ceiling windows and oversized private patios/balconies.

The Opportunity features significant value-add upside, with current ownership successfully renovating 43 out of the 134 units, leaving 91 units able to be upgraded. The renovated unit interiors feature quartz countertops, vinyl plank flooring, stainless steel appliances, and white shaker cabinetry with brushed nickel hardware. Additionally, current ownership deployed a significant amount of CapEx dollars, making it a well-maintained asset with best-in-class amenities on par with newly constructed communities.

Avenue 19 is located in the West Uptown submarket, within close proximity to exciting amenities, renowned schools and is situated near some of the highest demographic neighborhoods within the Phoenix MSA. Avenue 19 provides a compelling investment opportunity to acquire a value-add asset with a proven interior and exterior renovation program and priced at an attractive basis.

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Attributes

Asking price

₩26,098,884,000

Number of units

134

Year built

1970

Media

Investment Highlights

Extensive Modernization of the Exterior and Common Areas at the Property with Best-in-Class Amenities
Significant Value-Add Potential through Interior Unit Upgrades - 91 out of 134 Units Still Able to be Upgraded
Located in West Uptown Submarket, near High-Demographic Neighborhoods
Proximity to Major Employment Centers and The Metrocenter Mall Redevelopment, Christown Spectrum Mall ,Grand Canyon University, and the Valley Metro Light Rail
5.47% In-Place Cap Rate
Priced at an Attractive Basis of $134,328 per unit / $191 per Square Foot