This property is Off-Market

8344 North 67th Avenue
Glendale, AZ 85302 ·

208 Units · Multifamily For Sale

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Acacia Pointe

Price N/A Property Use Type Investment
No. Units 208 No. Stories 2
Building Size 128,128 SF Year Built 1985
Property Type Multifamily Lot Size 8.13 AC
Property Sub-type Garden/Low-Rise Parking Ratio 1.75 / 1,000 SF
Listing ID: 18300655 Date Created: 08/07/2013 Last Updated: 10/15/2013

Description

Acacia Pointe is a 208-unit, garden-style multifamily asset located in Glendale, Arizona. The property consists of 14, two-story residential buildings and offers a good unit mix of one-bedroom and two-bedroom units. The average unit size is 616 square feet. Built in 1985, all units have a stackable washer/dryer, spacious closets, and fully equipped kitchens with mini-dishwashers. Community amenities include controlled gated access, swimming pool, heated spa, playground, picnic area, cyber café and business center. Current ownership has made many exterior enhancements in 2012 including paint, parking lot resurfacing, landscape design, and a new playground. Upside potential for unit interior upgrades, including upgraded cabinetry, appliances, flooring, and fixtures.

Acacia Pointe is located in the heart of the rapidly growing West Valley in the city of Glendale. Glendale, which sits just nine miles northwest from Downtown Phoenix, ranks fifth in population in the state. The West Valley is known for a strong commercial and industrial base tied closely to its access to Interstate-10. There are numerous development projects in the works including business parks, urban and freeway commercial, mixed-use, and office which is intended to spur job creation and new high-end residential projects. This combined with the future extension of the METRO Light Rail in the area will help sustain the I-10 Corridor and allow for further economic growth. Acacia Pointe is located in a highly walkable neighborhood and with a strong transportation system.

Highlights

  • Offered at a price far below replacement cost
  • Historically high occupancy and stable cash flow
  • Ability to increase effective rents and add value, based on strong occupancy
  • Stabilized asset eligible for new financing
  • Efficient property size provides ability to capture operational efficiencies and economies of scale
  • Excellent curb appeal along 67th Avenue

Research

8344 North 67th Avenue, Glendale, AZ 85302 (Maricopa County)

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