Rossmore is a 26-unit garden-style apartment community located in a rapidly improving Glendale location. The property is situated on 61st Avenue and Bethany Home Road, less than 1.5 miles west of the U.S. Highway 60. Built in 1963, the property is made of block construction with pitched composition shingle roofs and is individually-metered for electricity with majority new HVAC units.
The unit mix is comprised of one and two-bedroom/one-bath fl oor plans that are spacious and well designed and range in size from ±550 square feet to ±645 square feet. Interior unit features include fully appointed kitchens with full-sized appliances, ceramic tile fl ooring, contemporary bathroom vanities and low-flow toilets. The property is situated on a large lot of approximately 1.61 acres and has mature shade trees and low-water-use desert landscaping.
Rossmore offers an investor the rare opportunity to acquire a garden-style community located in a rapidly improving Glendale submarket with in-place yield and additional value-add potential. In the third quarter of 2018, the submarket rents averaged $1.09 per square foot, and have increased by more than 8% over the last year. Furthermore, the average submarket vacancy decreased by 74 basis points in the last quarter, signifi cantly greater than the metro Phoenix average. Numerous economic forecasts project metro Phoenix to lead major western markets in employment and population growth through 2019, offering an investor a unique opportunity through continued rental increase.
