Uptown 68 is a 68-unit apartment community located in the heart of north central Phoenix. It is truly a trophy asset. The property sits directly in the Medlock Place historic neighborhood, just northwest of Central and Camelback, which was recently named the "hottest" intersection in Metropolitan Phoenix. It is walking distance to two different light rail stations with the closest one being approximately 300 yards away. The property backs up to the popular Newton mixed-use project and the hip Arrive Hotel which is currently under construction and will include a 79-room hotel, rooftop bar, ice creamery, taco bar, and coffee shop. The property is also walking distance to the popular Uptown Plaza (AJ's Fine Foods, West Elm, Lou Malnati's Pizzeria, Shake Shack, etc.). This location is as popular as it gets, and allows residents to enjoy, with ease, so much of what Central Phoenix has to offer. With many dining (the famed 7th St. Restaurant Row is also a short bike ride away), shopping, and entertainment options, as well as multiple freeway access points within minutes, Uptown 68 is an extremely desirable property for residents to live.
Uptown 68 consists of four separate properties built between 1958-1963. It contains a great unit mix of studios, 1x1, 2x1, 2x2 and 3x2 units, and all are individually metered for electricity. These buildings exhibit amazing examples of the vintage, mid-century charm that is becoming more and more popular today, especially in this north central submarket. The property features two separate pool areas. Every unit has been completely remodeled top to bottom with all new windows, new air conditioning units (approximately 50%), roofs, professionally installed landscaping, upgraded and furnished resort-style pool areas, and full new interiors with hard surface countertops, new cabinets, fixtures, appliances, washer / dryers in select units, etc. The renovations were just completed and the property recently stabilized, so many of the in-place leases were executed as the property was in the midst of construction. Many leases are coming due soon. Therefore, additional value-add opportunity exists by raising these leases to market rates as they renew (now that the project is complete). This is a turnkey, trophy property in one of the best locations in the entire Valley.
