Dynamic Camelback Corridor Location
The community is located in one of the hottest rental neighborhoods in Metro Phoenix situated just south of the Indian School redevelopment corridor and the Biltmore and Camelback Corridor. Residents in this bustling location enjoy being in close proximity to some of the most popular and trendy restaurants and coffee shops, world class shopping and class A office space in the entire valley. One block north of the community is the Biltmore Fashion Park, located along the northeast 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, J.Crew, Brooks Brothers, and Pottery Barn. Other neighborhood hotspots include the Town & Country with Whole Foods, Snooze, Hopdoddy, The Macintosh, and Pizzeria Bianco. Other surrounding attractions in the immediate area include the Arizona Biltmore Resort and Golf Club, The Wrigley Mansion, Royal Palms, and the Phoenician Resort and Spa.
Value-Add Opportunity
Based on it’s prime location within the Biltmore & Camelback Corridor the property provides a tremendous opportunity for an investor to implement modern upgrades to achieve significant rent upside. Investors in the immediate area have had tremendous success upgrading older dated units by providing modern finishes such as installing plank wood laminate or concrete stained flooring, modern flat front or shaker cabinets, Quartz countertops, recessed lighting, and modern faucets and fixtures. These improvements have led to some of the highest rental rates in all of Phoenix as the improvements coupled with the live/work/play this bustling location provides continue to attract the young professional tenant base.
Single Story, Low Density Community
Clarendon 4 consists of a 3 Bedroom house with a pool and 3 detached single story 1 bedroom units. The community is situated on 18,000 sqft of land, equating to nearly 4,500 sqft of land per unit. This extremely low-density layout lends itself to creating large back patios/yards for each unit. The large back patios/yards coupled with the Biltmore location lead to heightened tenant attraction and retention, resulting in top-of-market rental rates.
