Cosmo is a 16-unit garden-style apartment community located on 17th Avenue just north of Maryland Avenue within the gentrifying 19North neighborhood. 19North resides between Bethany Home Road north to Dunlap Avenue and 15th Avenue west to 23rd Avenue. It is a community collaboration that began in 2016 between business, schools, and non-profit organizations to support and redevelop the area. Built in 1964, the property is made of block construction with pitched roofs and is individually-metered for electricity.
The unit mix is comprised of one, two and three-bedroom/two-bath floor plans that are extremely spacious, very well designed and range in size from approximately 780 to 1,440 square feet. Interior unit features include new cabinetry with brushed nickel hardware, fully appointed kitchens with full-size stainless-steel appliances, faux wood-plank vinyl flooring, contemporary bathroom vanities with premium lighting, ceramic tile shower surrounds, low-flow toilets, ceiling fans and spacious walk-in closets.
The property is situated on approximately 0.55 acres and is professionally landscaped with lush turf, mature shade trees and low maintenance desert plants. Exterior amenities include a large topiary entrance wall, attractive courtyard with sparkling swimming pool, pedestrian gated entry, on-site laundry facility, covered garages and a barbecue area.
Cosmo offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic north Phoenix location priced below replacement cost. In the third quarter of 2018, the submarket rents averaged $1.15 and have increased 9% over the year. 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.
