ARA is pleased to announce the availability of the 24 unit Clarendon Apartment Portfolio located in the highly desirable Biltmore-area of Phoenix. In recent years this immediate block and surrounding blocks has been rejuvenated and seen a complete 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.
The Clarendon Apartment Portfolio consists of 24 total units on 6 separate large parcels that are zoned R-4 and total 79,260 SF of land - 1.82 acres. Ownership purchased 3 separate but adjacent communities that make up the 24 unit portfolio.
The first community was a 12 unit two story garden style community(2503 E. Clarendon) with an attractive courtyard with gazebo and pool that are all 2 bedroom units measuring 801 SF. The downstairs units have alley space outside the units for an investor to put in individual back patios and further increase rent upside. The adjacent community to the east(2535 & 2537 E. Clarendon) consist of 2 single story triplexes totaling 6 units that are all large 1,148 SF 2 bedrooms with back patios and include washer & dryer hookups. The 3rd community(2545 & 2549) also consist of 2 single story triplexes totaling 6 units with one of the triplexes consisting of all 2 bedroom units at 748 SF and the other triplex consisting of all 1 bedroom units at 651 SF. Both triplexes have front and back entrances and plenty of space to add private back and/or front patios as has been popular with these urban infill repositions. In addition these 4 triplexes have a tremendous amount of empty land on the south side of those lots providing an investor the opportunity to add additional community amenities that has also been popular with repositions.
