ARA is pleased to announce the availability of Oberon Place, a 24 unit community located in the East Phoenix submarket. The property has great frontage on 32nd Street and is located just south of Thomas Road. Residents enjoy being within close proximity to the Camelback Corridor which provide a large employment center along with many vibrant restaurant and entertainment options. Furthermore the neighborhoods surrounding Oberon Place have been rejuvenated and seen a transformation with many older homes and apartment communities being renovated and updated or have been razed and redeveloped into high end townhomes with values over $300,000 and high end homes with values over $500,000. The demand for housing in this area is stemmed from its close proximity to the Camelback Corridor and the Live, Work, Play environment that it offers residents. This employment center hosts a dynamic mix of premier office, high-end retail and hospitality development that serves as a focal point for business and entertainment activity in Phoenix. The Camelback Corridor is one of the most desirable locations for “A” quality office space in the entire Metropolitan area. High-end shopping and dining can be enjoyed at the Biltmore Fashion Park at the corner of 24th Street and Camelback Road, containing 535,430 square feet of open-air shop space and many of renowned Fox Restaurants including True Food Kitchen, Zinburger, and Blanco Tacos + Tequila. Retailers within the Fashion Park include Saks Fifth Avenue, Macy’s, Ralph Lauren, Apple, and Pottery Barn. Furthermore, The Camelback Colonnade Shopping Center and the Town & Country Shopping Centers have been redeveloped in recent years and are just minutes from this community offering residents popular eateries such as Pizzeria Bianco, Grassroots Kitchen & Tap, Hopdaddy Burger Bar, Snooze and popular shops such as Nordstrom Rack, Whole Foods, and Trader Joe' s. Other popular eateries in the neighborhood are The Gladly, The Parlor, Bink' s Midtown and Mejico Cocina Mejicana. Surrounding attractions in the immediate area include the historical Arizona Biltmore Resort and Golf Club and the Wrigley Mansion.
Oberon Place is a two-story community constructed in 1981 of wood frame with a modern stucco exterior and is individually metered electricity. The community consists of 20 one bedroom/one bath floor plans and 4 two bedroom/one bath floor plans. The property has been upgraded in previous years with new paint, signage and the landscaping was improved with desert rock, attractive low water plants on new drip systems, and artificial grass providing low maintenance for ownership. Unit interiors have been partially upgraded with ceramic tile flooring, hardware on the cabinets, resurfaced countertops, appliances, and faucets and fixtures as needed. These improvements have resulted in an increase in rents over $150 on average. Further upside in rents of $100-$150 could be achieved by implementing a second generation modern upgrades to the interiors. Investors in the neighborhood have benefited from the gentrifying neighborhood with renovating unit interiors with new modern finishes and providing stackable washer and dryers in the units and are achieving rents on 1 bedrooms units in the $800-$850 range and $900-$950 depending on unit upgrades and patio units. The units have space for the washer and dryers and the downstairs units have space from the building to the block wall on the north side to add patios which has been a popular value-add for investors and typically results in up to $100 in rental upside.
Oberon Place offers an investor the opportunity to purchase a 100% occupied 24 unit community that has great frontage on a major north south street and is located in the high demand East Phoenix submarket within 2 blocks of the Camelback Corridor.
