Fountain Villas 7325 E Belleview St 20 Unit Apartment Building $6,100,000 ($305,000/Unit) 5.95% Cap Rate Scottsdale, AZ 85257

Fountain Villas is a 20-unit, pride of ownership community located in the dynamic South Scottsdale submarket and just minutes from Old Town Scottsdale. The property offers several compelling characteristics that support strong tenant demand and above-average rents. A majority of the units consist of large 2- and 3-bedroom townhomes, many of which feature exceptionally large private patios and yards. This layout provides a clear competitive advantage over other 2- and 3-bedroom apartment communities in the area that offer limited or no outdoor space. The community has undergone significant interior and exterior renovations and quality capital improvements. The unit interiors were fully upgraded with modern finishes that greatly enhanced the resident’s living experience. Interior improvements include modern shaker cabinets, decorative glass tile backsplashes, modern quartz countertops, stainless-steel under mount sinks with modern retractable anodized bronze accordion faucets, new stainless-steel appliances including built-in microwaves and dishwashers. Additionally, new modern ceramic tile and waterproof wood plank flooring, modern dual draft ceiling fans and in-unit washer and dryer were installed. In the bathrooms, the modern tiled showers compliments the new shaker bathroom vanities with quartz countertops, new low-flow toilets and modern anodized bronze faucets and fixtures.
Significant exterior capital improvements were made that will benefit new ownership and that transformed the look and feel of the community. These improvements include modern smooth stucco exterior with new paint and trim, modern outdoor lounge chairs and shade sail around the pool, all new low-maintenance desert rock landscape with new trees and flowering bushes throughout to soften the look and feel of the community. Most of the units have their own large private block patios with private wrought iron gates and artificial grass within the enclosed private patios.
Directly north and adjacent to Fountain Villas is SkySong - The ASU Scottsdale Innovation Center, one of the most dynamic centers for innovation, technology, and economic expansion in the western United States. SkySong is where cutting edge companies from around the world come together in an environment designed to foster collaboration and growth. SkySong is a 1.2 million square foot mixed-use project featuring Class A commercial office space, retail, restaurant, hotel components, and the exceptional SkySong Apartments. It is home to ASU SkySong, startups, Fortune 500 companies, and just about everything in between. The economic impact SkySong is expected to generate over the next 30 years is $58.2 billion.