Fairmount 31 is a 24-unit contemporary boutique apartment community located in a highly desirable east Phoenix location that has recently been extensively renovated and repositioned with premium finishes. The property is situated on the southeast corner of Fairmount Avenue and 31st Street just south of Indian School Road. Built in 1963, the property is made of block construction with pitched composite shingle roofs and is individually-metered for electricity.
The unit mix is comprised of all two-bedroom/one-bath floor plans that are extremely spacious, very well designed and average approximately 800 square feet. Interior unit features include polished concrete floors, quartz countertops, contemporary white kitchen cabinetry with brushed nickel fixtures and subway tile backsplashes, full-size stainless-steel appliances, farm sink with goose-neck faucets, contemporary bathroom vanities, premium light fixtures, low-flow toilets, in-suite washer/dryers and ceiling fans. All first floor units include large, private patios/yards.
The property is situated on approximately 1.17 acres and is professionally landscaped with lush turf, mature shade trees and low maintenance desert plants. Exterior amenities include covered parking, private patios in select units, exterior lighting, and private storage.
Fairmount 31 offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location priced below replacement cost. In the first quarter of 2018, the submarket rents averaged $1.29 and have progressively increased quarter over quarter, significantly greater than the metro Phoenix average. Strategic path of growth positions Regency Park to benefit from accelerating fundamentals across the Phoenix metro. Numerous economic forecasts project Phoenix to lead major western markets in employment and population growth through 2018.
