5510 N 35th Ave
Phoenix, AZ 85017
The Beverly V Apartments · Multifamily Property For Sale · 36 Units

Silver Oaks is an attractive 36 unit apartment community located in Phoenix, Arizona. The property has great curb-appeal and tremendous frontage along 35th Avenue just north of Camelback Road. The community is located directly across the street from the booming Grand Canyon University. 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 was ranked #7 in the nation for best college campus in 2017 due in large part to the University’s commitment to providing its students with a spirit of community and engagement coupled with the rapid expansion of student state-of-the-art facilities that have been built in the last 5 years. Among the new facilities in recent years are the Colangelo College of Business Building, new Mechanical and Biomedical Engineering Building, Student Life Building, Canyon Activity Center, New 4 Story Office Building, a new GCU Hotel and Restaurant, and several large high rise-parking garages. In addition, GCU has taken a huge leap forward in attracting national athletic talent by adding state-of-the-art Sport Facilities including a new Soccer, Baseball, Softball, Tennis, and Beach Volleyball Stadiums, as well as GCU Arena(a 135K SF 7,000 seat stadium that hosts the men’s and women’s basketball teams along with conventions, concerts, and other sporting events). Silver Oaks was built of block construction with a stucco exterior and is individually metered for electricity and individual electric water heaters and roof mounted HVAC’s. Community amenities include two on-site laundry facilities, grass courtyards, barbecue and picnic areas. In addition there is a rental office on-site for leasing and 17 storage units that are currently not being rented by ownership. There have been several improvements made to the property in recent years, including new roofs, new HVAC’s, most of the units have dual pane windows, and many of the units have upgraded cabinets. The property has lengthy frontage along 35th Avenue and benefits greatly from its attractive landscaping consisting of grass courtyards and mature ficus and oak trees providing a park like setting for residents to enjoy. The unit mix is extremely rare for the midsize apartment market and consists of all large 2 (800 square feet) and 3 (938 square feet) bedroom floor plans. Currently Silver Oaks is not a student housing property but due to its location being directly across from Grand Canyon University, coupled with the unit mix consisting of all 2 and 3 bedrooms, and the sharp increase in enrollment the potential to convert the community from traditional apartments to student housing provides huge upside in rents and value. Traditional value-add upside in rents of $300+ could be achieved through interior upgrades and the implementation of washer & dryers in the units. Silver Oaks offers an investor the tremendous opportunity to acquire an attractive apartment community consisting of all large 2 and 3 bedrooms that is located adjacent to the rapidly growing Grand Canyon University.