Urbana @ 39th 2936 N 39th St 14 Unit Apartment Building $3,100,000 ($221,429/Unit) 5.55% Cap Rate Phoenix, AZ 85018

Urbana @ 39th is a boutique 13 unit, fully renovated community in the heart of the coveted Citrus Acres-Arcadia Lite neighborhood. This pride-of-ownership community represents a fully renovated investment opportunity in one of Phoenix’s most desirable infill neighborhoods. Constructed in 1983, the property benefits from a superior vintage compared to much of the surrounding 1960s–1970s properties in the neighborhood, offering more functional layouts and modern infrastructure while maintaining proven durability. The property features block construction, pitched asphalt shingle roofs, ABS sewer lines, and copper plumbing—providing investors with long-term structural integrity and reduced capital expenditure risk relative to older vintage properties. The community is Individually metered for electricity, which allows for operational efficiency and expense control, all while benefiting from strong renter demand in the highly sought-after Citrus Acres / Arcadia Lite neighborhood.

The community has been thoughtfully upgraded with contemporary interior finishes, in-unit washer/dryers, and private back patios in more than half the units, creating a highly competitive rental product in the submarket. Additional exterior enhancements—including a newly constructed gazebo, several artificial grass areas, and planter boxes—further elevate the resident experience and curb appeal.

The Urbana @ 39th unit interiors were fully upgraded with modern finishes that greatly enhanced the resident’s living experience. Interior improvements include modern shaker cabinets, modern quartz countertops, stainless-steel under mount sinks with modern retractable accordion faucets, new stainless-steel appliances including built-in microwaves and dishwashers. Additionally, new modern waterproof wood plank flooring throughout, 4” baseboards, modern doors/hardware/blinds, new modern lighting fixtures, remote control modern dual draft ceiling fans and in-unit washer and dryer were installed. In the bathrooms, new tub and shower surrounds, new modern shaker cabinets, marble countertops, new modern stainless steel anodized bronze faucet and fixtures, new lighting fixtures, new low flow toilets and new modern waterproof wood plank flooring.

Significant exterior capital improvements were made that transformed the courtyard and community. These improvements include modern exterior paint and a redesigned and refinished private resident courtyard with modern concrete poured paths and a large concrete decking area for residents to enjoy. In addition all new modern desert landscaping was added within the shaded courtyard. New landscaping includes attractive desert rock, a flowering bougainvillea garden, large shade trees and a large iconic Arizona saguaro cactus. A large modern wrought iron fence was installed to enclose the courtyard and several gates with modern handles were installed providing entry for residents. One of the downstairs units has a modern glass back door with in-set blinds and a large private patio. Several other downstairs units have additional back patio space with the ability to add more private patios and increase rental rates on those units.

Urbana @ 39th is located in one of the hottest rental neighborhoods in Metro Phoenix, the desirable Citrus Acres neighborhood of Arcadia Lite. In recent years the immediate neighborhood has been rejuvenated and seen a complete transformation with many older homes and apartment communities being renovated and upgraded or have been razed and redeveloped into high end homes with values over $1M. The demand is being stemmed from the continued strength of the Camelback Corridor which hosts a dynamic mix of class “A” quality office space coupled with high end retail and popular shops and trendy restaurants providing the Live, Work, Play environment right in the neighborhood. Neighborhood hotspots for the residents of Urbana @ 39th include La Grande Orange, Postino’s, The Vig Arcadia, The Porch, OHSO, Hillstone, Tarbell’s, Zipp’s, Buck & Rider, Chestnut, Flower Child and Pita Jungle. All a short walk or bike ride away. The transformation has led to increased demand and rents & values have risen significantly and continue to rise as the neighborhood continues to gentrify.

Long considered Phoenix’s financial district, The Camelback Corridor is home to more than 30,000 employees and nearly 10M SF of office and retail. The residents of Urbana @ 39th enjoy the proximity to some of the most popular and trendy restaurants and coffee shops, world class shopping and class A office space employment in the entire valley. The Biltmore Fashion Park, located along the northeast corner of 24th Street and Camelback Road, contains 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, the Phoenician Resort and Spa, and the previously stated Global Ambassador.