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• Long Term Pride of Ownership “B” Quality Community: Long term ownership (13 ½ Years) has meticulously maintained the property with strategic capital improvements (all new AC's and roofs in 2011) and a rigorous preventative maintenance program. This ownership approach coupled with the properties unique amenities such as full kitchen appliance packages, large private patios, in unit Washer & Dryers, large walk-in closets, and vaulted ceilings in the upstairs units, has lead to extremely high occupancy and resident retention. The Owner purchased in 2004 and previous ownership owned the property for 13 years, so only been 2 owners over the past 26 years.
• Amenity Rich Community: In addition to all the unit amenities, the property offers Residents a tremendous amount of Community Amenities which is highlighted by the stunning garden style courtyard centered around the pebble tec pool and large sundeck with pool furniture and tables for residents to enjoy. The pebble tec pool has unique detail on the bottom of the pool and on the sides of the pool with ceramic tiled sea life including turtles, crabs, and colorful fish. Additional community amenities include a built in barbecue with built in shade canopy and concrete picnic tables, pedestrian and vehicle security gates and covered parking.
• Additional Owner Amenities Added to Benefit Property Operations: The property has several amenities that provide a benefit to the landlord. The owner recently built a private office that includes a bathroom and kitchenette and also built 2 large storage sheds for tools and supplies. The owner installed service ladders that are attached to the upper half of the buildings providing easy access for AC service techs. The property also has security cameras throughout the community and at the gated entry providing a benefit to ownership and an extra sense of security for the residents.
• Condo Mapped Community Provides Tremendous Upside Via Individual Sales: Garden Springs community is 32 individually parceled condominium units. New ownership will reap the benefits of operating the property as an apartment community while the condo market continues to increase in value while simultaneously preserving the option to sell off the condos individually, providing multiple exit strategies for the disposition of the asset.
• Value Add Through Strategic Renovations: Based upon the positioning of Garden Springs within the submarket, the subject property is a prime candidate for the implementation of an apartment interior renovation program due to the well laid out floor plans and all two Bedroom unit mix offered by the property. New ownership will have the opportunity to upgrade the flooring, appliances, and fixtures providing rent bumps of $150.
• Grand Canyon University: Located just blocks away is Grand Canyon University, a private for-profit institution established in 1949 which is quickly becoming one of Arizona’s preeminent Universities. 2017 expansion plans include more than $100 million in new construction to include two more apartment-style dorms, a classroom building, a parking garage and a club sports facility. The overall expansion plan is to spend an average of $100 million each year over five years to continue to grow the campus to 400 acres. GCU's rapid growth is steadily changing the landscape of West Phoenix.
