LOW DENSITY PRIDE OF OWNERSHIP COMMUNITY
Lamar Villa is a 52-unit single story community spread across 2.4 acres and covers a full city block running east-west. This is very unique in the Phoenix Metro apartment market to have a community build contiguous covering this much land making it a rare opportunity. The community itself shows tremendous pride of ownership and great curb appeal all along Lamar Road. The community grounds have attractive mature landscaping with grass frontage and grass courtyards providing a peaceful parklike setting for residents.
INTERIOR RENOVATIONS & UPGRADES
Lamar Villa was renovated in 2018 and 2019 with significant quality capital improvements to the unit interiors as well as exterior improvements that enhanced the property operations, grounds, and operating costs. The unit interiors were upgraded with modern wood laminate floors, two tone paint, painted cabinets with new hardware, resurfaced countertops, oversized stainless-steel sinks, gooseneck faucets, stainless steel appliances including built-in microwaves and recessed lighting in the kitchens. Bathroom upgrades include new modern lighting, Illumisink light up sink faucets, resurfaced vanities, modern dual flush toilets, new shower and tub surrounds. In addition new modern ceiling fans and lighting fixtures throughout. In the 2 bedroom units stackable washer & dryers were installed providing added unit amenity and increase in rental rate.
EXTERIOR IMPROVEMENTS & AMENITIES
Exterior improvements and amenities include exterior paint on the body, trim and doors of each of the buildings. Attractive modern block cement front-patios with block bench seating were installed in front of every unit. Additionally fully private enclosed block back-patios were installed for each unit with new gates for exterior access. Ownership filled in 2 of the pools and replaced with a nice grass courtyard further lowering the operating costs. Ownership also replaced underground sewer lines providing a tremendous benefit to the property and ownership for decades to come.
CENTRAL CORRIDOR & DOWNTOWN PHOENIX
Lamar Villa is centrally located and just a 10-minute commute to the Central Corridor and 15-minute commute to the Downtown Phoenix. These employment centers hosts a dynamic mix of premier office, high end retail and hospitality development serving as a focal point for business and entertainment activity in Phoenix. Both the Central Corridor and Downtown Phoenix are vibrant infill locations experiencing a residential revival that has led to unprecedented rental demand that is now being pushed west into the neighborhood Lamar Villa is located in.
GRAND CANYON UNIVERSITY
Lamar Villa is just 2 blocks from the booming Grand Canyon University (GCU). The University’s 300-acre campus is going through a $1 billion dollar investment in technologies, infrastructure, and expansion over the past 10 years, providing a tremendous benefit to the local submarket through added employment, educational opportunities, and a sharp increase in rents and values. The campus enrollment in 2014 was 8,500 students and the 2018 enrollment has now surpassed 20,500 students. GCU’s 5 year forecast for enrollment is to grow to over 30,000 students and will expand the 300 acres campus to 400 acres. GCU’s rapid growth is steadily changing the landscape of West Phoenix.
ADDITIONAL VALUE-ADD UPSIDE
Ownership has provided significant improvements to the property and lifted rental rates on average over $200 with the improvements provided during the past 2 years. Additional improvements could be made which would provide further upside in rental rates and the properties value. Ownership provided in unit washer & dryer for the 13 two bedroom units but the 39 one bedroom units do not have washer & dryers in the units. The Buyer has the opportunity to add washer & dryers in those 1 bedroom units and increase the rental rates $75-$100. Additional upside is available through a higher premium upgrade, which could result in another $75-$100 on top of the washer & dryer improvements.
MULTIPLE PARCEL AND 13 FOUR-PLEXES PROVIDES TREMENDOUS UPSIDE VIA INDIVIDUAL SALES
Lamar Villa consists of 13 four-plexes. A Buyer can take advantage of this set up by going through the process with county to get individual tax parcels, which would allow for individual4-plex financing and individual 4-plex sales which provide a substantial premium. Currently the property is on 3 separate parcels consisting of 1 four-plex(4 units), 3 four-plexes(12 units), and 9 four-plexes(36 units). Thus, a Buyer has another option of selling 3 individual smaller properties (a 36 unit, a 12 unit, and a 4 unit) to smaller investors that will pay a premium.
