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

Directly Across from Grand Canyon University Silver Oaks is located directly across the street from the booming Grand Canyon University (GCU). The University’s 300-acre campus is going through a $1.2 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 current enrollment has now surpassed 22,000 students. GCU’s 5-year forecast for enrollment is to grow to over 30,000 students and will expand the 300 acre campus to 400 acres. GRAND CANYON UNIVERSITY ECONOMIC IMPACT Elliot Pollack & Company recently reported GCU will pump an estimated $660 million, including wages of more than $250 million, into the immediate local economy each year. Tourism from the on-campus hotel and restaurant will add another $9.8 million. Further, GCU has had an $11 billion overall economic impact in the last 10 years which includes tax revenues of $300 million for the state, $85 million for the county and $73 million for the City of Phoenix. GCU DEBUTS NEW COLANGELO COLLEGE OF BUSINESS In 2019, The Colangelo College of Business, home to more than 16,000 traditional and online students, officially opened a new 150,000 square-foot facility with 81 offices and 61 classrooms on the GCU campus. The Colangelo College of Business is among the largest business schools in the country with approximately 4,100 students pursuing degrees at the Phoenix campus and more than 12,000 attending classes online providing a strong, well-qualified workforce for Arizona, especially on the west side of Phoenix. GCU STATE OF THE ART STUDENT AND ATHLETIC FACILITIES GCU was ranked #7 in the nation for best college campus 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). INTERIOR RENOVATIONS & UPGRADES Silver Oaks was renovated in recent years with significant quality capital improvements to the unit interiors as well as exterior improvements that enhanced the property operations and grounds while lowering operating costs. 26 of the 36 unit interiors were upgraded with new appliances, sinks, faucets, countertops, painted white cabinets, new tile and vinyl flooring, two tone paint, and new LED Lights. Bathroom upgrades include new modern dual flush low-flow toilets, new vanities, sinks, faucets, lighting, resurfaced shower/tub surrounds and new shower fixtures. Additional interior upgrades include bedroom doors, closet doors, ceiling fans, lighting fixtures and new electrical subpanels inside all 36 units. EXTERIOR IMPROVEMENTS & AMENITIES Exterior improvements include new roofs on all the buildings, new exterior paint on the body, trim and doors of each of the buildings. New asphalt to the parking lot including a re-stripe for parking spaces and parking signs installed. New exterior lighting fixtures outside each of the doors, camera system on all building exteriors, BBQ’s in grass areas and brand new mailboxes installed. CENTRAL CORRIDOR & DOWNTOWN PHOENIX Silver Oaks is centrally located and just a 10-minute commute to the Central Corridor and 15-minute commute to 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 Silver Oaks is located in. ADDITIONAL VALUE-ADD UPSIDE Ownership has made over $500k in capital improvements to the property including all new roofs, parking lot, exterior paint, landscape, and a mid-grade renovation of 26 units. New ownership has the opportunity to add washer & dryer in the units and increase the rental rates by $75-100. Additional rent lift is attainable through a higher level, premium upgrade resulting in an additional $75-100 on top of the washer & dryer improvements. GCU GROWING BEYOND CAPACITY = STUDENT HOUSING OPPORTUNITY Despite nearly every bit of free space around the GCU campus being purchased by the college to build new student housing, there still is not enough. The University did not have enough beds and rooms ready to meet demand for the fall of 2019 semester according to GCU’s President and CEO Brian Mueller who stated, “Every bed on this campus will be filled in the fall.” The percentage of students living on campus will bump up to 63% from 59%, a high number for a university by any mark. Given Silver Oaks location, directly across the street from the main campus, new ownership will have the opportunity to shift to a student housing model and draft off the lack of available student housing on the GCU Campus. SILVER OAKS IS THE IDEAL INVESTMENT OPPORTUNITY Silver Oaks represents the ideal mid-size apartment opportunity that checks all the boxes for an investor. Those include the following: • Directly Across from Booming University (GCU) • Unit Mix Consists of All 2 and 3 Bedroom Units • Individually Metered w/ Individual HVAC’s and Water Heaters • All New Pitched Roofs • Block Construction with a Smooth Stucco Exterior • Attractive New Modern Paint on Body/Trim/Doors • Fresh New Asphalt, Striping, and Parking Signs • All New Interior Electric Panels • Majority Interiors Upgraded • Great Curb Appeal and Frontage • Mature Ficus & Oak Trees Proving Parklike Setting • Grass Courtyards, New BBQ’s Installed • Detached Rental Office On-Site • 17 Storage Units (not currently being rented) • 2 On-site Laundry Facilities • 100% Occupied with a Waiting List • Value-Add Upside - $200 Additional Upside • 10-15 Minutes from Central Corridor and Downtown Phoenix Corridors • Potential Student Housing Opportunity • 2019 GCU on Campus Enrollment is over 22,000, 5 Year Forecast is over 30,000