VALUE-ADD THROUGH INTERIOR & EXTERIOR RENOVATIONS
Unit Interior Renovations. All of the units are in classic condition. Given it’s location near the Camelback Corridor and Biltmore Area and the surrounding demographics, we believe that rent premiums of $200+ are achievable by providing a mid-grade upgrade to the unit interiors which includes new cabinets, countertops, stainless-steel appliances, 2 tone paint and concrete stained floors(2nd level has concrete subfloors). Concrete stained floors are cost effective, durable, and provide a modern look and feel.
Implemention of a Resident Utility Billback System (RUBS). Tenants of North on 24th currently benefit from the all-inclusive pricing that includes utilities. An investor would have the opportunity to implement a RUBS system to bill back utilities to the residents which would have an immediate positive impact on the NOI.
Common Area and Exterior Enhancements. Common area improvements could include exterior paint, colorful and more contemporary pool furniture, exterior lighting enhancements, a business center, a dog park and dog wash station, and new signage.
TREMENDOUS CENTRAL PHOENIX LOCATION IN THE PRESTIGIOUS BILTMORE AND CAMELBACK CORRIDOR
Biltmore Area. North on 24th enjoys an exceptional infill location in the vibrant Camelback Corridor that is very near the prestigious and historic Arizona Biltmore Resort, Biltmore Fashion Park and the multi-million dollar homes in the vicinity. This Central Phoenix location continues to be a highly desired area for many investment groups.
Best-in-Class Neighborhood Demographics. There is over 25,000 businesses supporting nearly 350,000 employees within 5 miles of North on 24th. This robust employment activity has spurred over 25% population growth within 3 miles of North on 24 in the last 9 years. The average age within 1 mile is 33 with a median household income of over $65,000. These demographics have been the driving force in a surge of workforce housing residents in the immediate area resulting in the submarket consistently delivering 95% occupancy rates.
Proximity to Transportation Corridors. The property is less than one mile east of the SR-51 and the Interstate-10/Loop 202 interchange is approximately one mile to the south, providing residents with convenient access to every part of the Valley. In addition, METRO Light Rail is located three miles to the northwest at Camelback Road and Central Avenue. The METRO Light Rail connects residents to Midtown and Downtown Phoenix, Sky Harbor International Airport, as well as Tempe and Mesa.
Close to Upscale Shopping and Retail Centers. Major retail is within a short drive of North on 24th. Camelback Colonnade and Town & Country Shopping Center are adjacent to each other and an approximate 5-minute drive from the property. Some of those retailers include Whole Foods, Trader Joe’s, Nordstrom Rack, The Container Store, Best Buy, Michaels, Marshalls and Orangetheory Fitness. Upscale retail is available at Biltmore Fashion Park at 24th Street and Camelback. Notable tenants include Macy’s, Saks Fifth Avenue, Sephora, Pottery Barn and Williams Sonoma.
MINUTES FROM MAJOR EMPLOYMENT
Downtown Phoenix. The Central Business District is the financial and civic center of Arizona and quickly becoming a tech hub with over 280 new tech companies opening in the Downtown area in the past ten years. Downtown Phoenix is less than a 10-minute drive from North on 24th and is one of the largest employment hubs in the Valley with over 70,000 employees. The state of Arizona and Maricopa County government offices both have a large presence in downtown, as do financial institutions like Chase Bank and Wells Fargo, large law firms and accounting firms.
North Central Avenue Business Corridor. This employment hub is home to over 53,000 employees and is a 5-10 minute drive or short light rail ride from the property. Health care companies are some of the largest employers in this area with Dignity Health, Banner Health and the Department of Veteran’s Affairs leading the way. St. Joseph’s Hospital and Medical Center, the world-class Barrow Neurological Institute, Banner University Medical Center, Phoenix Children’s Hospital as well as the Carl T. Hayden VA Hospital are all proximate to North on 24th.
Camelback Corridor. The Camelback Corridor is yet another large employment hub that is within minutes of North on 24th and is considered Phoenix’s second financial district. Nearly 26,000 people are employed in this area that stretches from the SR-51 to 44th Street. Some of the largest employers include Charles Schwab, the Arizona Biltmore Resort, Cisco Systems, Zenreach, Humana and Fennemore Craig.
HIGHER EDUCATION & BIOMEDICAL OPPORTUNITIES
Arizona State University (ASU) Downtown. ASU’s Downtown Campus has 12,000 students enrolled. The Downtown Campus houses the College of Nursing and Healthcare Innovation, the University College, the College of Public Programs, School of Criminology, the Walter Cronkite School of Journalism and the Sandra Day O’Connor School of Law. The world-renowned Thunderbird School of Global Management, which is owned by ASU, has also moved to the Downtown campus.
Phoenix Biomedical Campus. The 28-acre Phoenix Biomedical Campus is devoted to biomedical research facilities and the University of Arizona College of Medicine, and currently houses 1.5 million square feet of academic research and clinical space. The Health Sciences Education Building, which was completed in 2012, joins the Arizona Biomedical Collaborative I (ABC1) and the nationally recognized International Genomics Consortium and Translational Genomics Research Institute (IGC/TGEN). In 2015, construction of the University of Arizona Cancer Center opened and the 10-story Biosciences Partnership building opened in 2017. Northern Arizona University also has a presence at the Biomedical Campus with 5 health related programs. In addition, the Phoenix Biomedical Campus is home to the Bioscience High School with a student enrollment of 400. Wexford Science and Technology, ASU and the City of Phoenix have partnered to build a $77M, 200,000 sf facility at the Phoenix Biomedical campus, which is currently under construction. When complete in 2020, ASU will be the anchor tenant of the building, leasing about half of it for a medical research lab. When fully developed, the Phoenix Biomedical campus is expected to support up to 6 million square feet.
Creighton University School of Medicine. Creighton University has reached an agreement to construct a nearly $100M health sciences campus at Park Central, which is within a short drive of North on 24th. The first phase will include a 200,000 sf building and house nearly 800 students. The expansion will include a four-year medical school, nursing school, occupational and physical therapy schools, pharmacy school, physician assistant school and an emergency medical services program.
