Sundance is a 16-unit garden-style apartment community located in a dynamic Chandler location. The property is situated on Ray Road just west of Arizona Avenue. Built in 1965, the property is made of block construction with pitched composite shingle roofs and is individually-metered for electricity.
The unit mix is comprised of all two-bedroom/one-bath floor plans that are extremely spacious, very well designed and are approximately 800 square feet. Interior unit features include large ceramic tile flooring, full-size kitchen appliances, granite counter-tops, new kitchen cabinetry, individual water-heaters and sun screens.
The property is situated on approximately 0.60 acres and is professionally landscaped with lush turf, mature shade trees and low maintenance desert plants. Exterior amenities include a covered parking, exterior lighting, on-site laundry facility and additional storage.
Sundance offers an investor a true value-add/reposition opportunity by establishing an interior upgrade program in addition to purchasing in an excellent in-fill location that has demonstrated strong effective rent growth. In the first quarter of 2018, the submarket rents averaged $1.22 and have increased 6% over year. Furthermore, the average submarket vacancy has decreased by 111 basis points during the same period, significantly greater than the metro Phoenix average. Strategic path of growth positions Sundance to benefit from accelerating fundamentals across the Phoenix metro. Numerous economic forecasts project Phoenix to lead major western markets in employment and population growth through 2018.
