VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY
Cushman & Wakefield is pleased to offer TATUM PLACE, a 164-unit Class "B" apartment community located east of the southeast corner of Tatum Boulevard and Bell Road on 49th Street in Northeast Phoenix, Arizona. This location offers residents easy access to the State Route 51 and Loop 101 freeways, providing immediate access to employment and "world-class" entertainment, shopping and dining venues in Scottsdale and Northeast Phoenix.
Tatum Place offers residents two swimming pools (one an Olympic style lap pool), sun decks, a brand new fitness center, poolside clubhouse, barbecue grills and picnic area, fire pit, attractive landscaping, gated access and covered parking. Interior amenities include washers/dryers, ceiling fans, contemporary window coverings, wood cabinetry, microwaves, double stainless steel kitchen sinks, 9-foot ceilings, cultured marble vanity countertops, patios/balconies with outside storage. Select units include skylights, vaulted ceilings, accent walls, wood-style flooring, pantries, stainless steel appliances, granite countertops and walk-in closets.
Approximately 25% of the unit interiors have been recently upgraded while most of the property exterior and common areas have been upgraded. However, there is still significant opportunity to add value by completing interior renovations to the remaining "untouched" units while at the same time adding finishing touches to the already renovated units that will allow for even further growth in the market rental rates.
Cushman & Wakefield is pleased to offer BROADSTONE ROOSEVELT ROW: A brand new 316-unit, Class "A" luxury rental community centrally located in the heart of Downtown Phoenix, Arizona in the iconic Roosevelt Row Arts District - one of the most popular neighborhoods not only in Phoenix, but in the nation. This very walkable community is just steps away from art galleries, restaurants, retail shops, bars and entertainment venues forming the Phoenix area’s only true urban, walkable neighborhood. Broadstone Roosevelt Row features a mix of spacious studio, one, two and three bedroom floor plans as well as superior amenities. Broadstone Roosevelt Row’s location is the gateway to and from Downtown Phoenix and provides residents access to all the Roosevelt Row and Downtown Phoenix has to offer, all located literally just steps away. The property’s location is less than a half-mile away from the I-10 freeway and only a 7-minute walk to the light rail station at Roosevelt Street and Central Avenue.
Residents can take advantage of Broadstone Roosevelt Row’s two-story clubhouse with upscale chef’s kitchen, classic arcades and billiard games, pool and spa with five private cabanas, swim house featuring a complimentary coffee bar, oversized TV and billiard games, rooftop deck with fire pits, three landscaped outdoor patios with lounge seating, fire pits and barbecue grills, climate controlled interior corridors, direct access parking garage, resident bike storage, interior resident storage units, smartphone resident access system, Butterfly MX video intercom system, WiFi in gathering spaces, water features, resident beach cruisers and on-site restaurant and retail.
The extensive amenities offered residents are matched by the high level interior finishes provided in each individual residence. Broadstone Roosevelt Row’s floor plans feature gourmet kitchens with gas cooktops, energy efficient GE stainless-steel appliances, modern cabinetry with brushed nickel pulls, quartz countertops, wood style flooring, tile backsplash in kitchens and baths, USB charging outlets, Nest learning thermostats and front-load washers/dryers. Select units feature soaring 19-foot ceilings, DuChateau hardwood flooring, pendant lighting, en-suite bathrooms with dual vanities, walk-in closets, Sonos sound system, wine refrigerators and personal balconies/patios.
Eco Square is a 108-unit garden apartment community on the southeast side of Evansville, Indiana. Built in 1966, the property is comprised of eleven two-story residential buildings. Buildings have brick exteriors with mansard roofs. All windows have been replaced since original construction. Eco Square is named to reflect its environmental and sustainability focus. Residents enjoy eco-friendly living amenities such as community gardening and composting and on-site recycling. Many units have energy saving light bulbs and low-flow water devices. The community offers a resortstyle swimming pool, a large, well landscaped courtyard, grilling areas and bike stations.
With the exception of one efficiency unit, the property consists of 107 Two Bedroom/One bath units with identical 825 square foot floor plans. The leasing office and maintenance shop are located in one of the Two Bedroom units.
Units feature large living rooms and walk in closets in the master bedrooms.
Terra Trace is an 84-unit garden apartment community on the east side of Evansville, Indiana. The property was built in 1978 and is comprised of eleven two-story residential buildings and a single story clubhouse/ office. Building exteriors are brick and new vinyl siding (installed in 2013). Roofs are pitched with composite shingles. Nine roofs were replaced in 2013-2014. Other recent capital improvements include replacement of balconies, new signage, new landscaping and hallway refurbishment. This refurbishment included painting, new light fixtures and new flooring at stair landings in all twenty-two halls and carpet in ten halls.
The property consists of 56 One Bedroom/One Bath units (in two floor plans), 20 Two Bedroom/One Bath units and 8 Two Bedroom/One and One-half Bath units. Units have generous floor plans, are all electric and include private access intercom systems. Select units include private patios or balconies and outside storage. Eight units have upgraded kitchens (stained cabinets, new cabinet hardware, counters, lighting) and new bathroom vanities. Upgraded units command rents between $35 and $65 per month more than non-upgraded units.
In addition to a clubhouse with Wi-Fi, community amenities include a swimming pool and on-site laundry facilities.