Pineview Meadows is a 21-unit garden-style apartment community located in a desirable Phoenix North Mountain neighborhood. The property is located just south of Dunlap Avenue and east of Central Avenue. Built in 1963, the property is made of block construction with built-up foam roofs and is individually-metered for electricity. Current ownership extensively renovated and repositioned the asset with premium finishes in the first half of 2017.
The unit mix is comprised of studio, one-bedroom and two-bedroom floorplans that are well designed and range in size from approximately 375 to 800 square feet. Interior unit features include fully appointed kitchens with full-size electric appliances, new shaker-style cabinetry with granite counter tops,
stainless steel sinks with gooseneck faucets, 18-inch porcelain tile flooring, new baseboards, dual pane windows, raised panel interior doors with brushed
nickel hardware, ceiling fans, new contemporary bathroom vanities, porcelain tile surrounds, new tubs with brushed nickel hardware, new plumbing valves
and low-flow toilets. All units have brand new mini-split HVAC units and tankless water heaters. The property is situated on approximately 0.42
acres and features low-water-use desert landscaping and hardscaping with attractive pavers. Community amenities include two on-site laundry facilities
owned by the property, exterior lighting, a barbecue area and pedestrian access gates.
Pineview Meadows offers an investor the rare opportunity to acquire an extensively renovated asset located in a rapidly improving North Mountain
location priced below replacement cost. Over the last year, the North Mountain submarket average rental rates increased by more than 3% from
$0.98 PSF to $1.02 PSF, while vacancy has decreased by 14 basis points respectively. Strategic path of growth positions Pineview Meadows to benefit
from accelerating fundamentals across the larger Phoenix metro. Numerous economic forecasts project Phoenix to lead major western markets in
employment and population growth through 2017.
