Artisan Park is a 198-unit Class B apartment community offering an exceptional value-add opportunity to renovate unit interiors, upgrade building exteriors, and improve common area amenities. The community has excellent frontage benefiting from over 25,000+/- daily vehicles utilizing 67th Avenue between Peoria and Olive Avenues. Artisan Park sits one mile west of Glendale Community College (20,000+ students) and sits in a quiet neighborhood setting. The community's strong area location is evidenced by the area's $65K median household income adjacent north of Artisan Park up to Peoria Avenue and bounded by 67th and 69th Avenues east and west.
Access to the Loop 101 Freeway is 5 minutes west on Olive Avenue, with Westgate 10 minutes southwest of Artisan Park. Westgate, the West Valley's major entertainment district is anchored by both University of Phoenix Stadium and Gila River Arena; the respective homes for NFL's Arizona Cardinals and NHL's Arizona Coyotes. Westgate features more than 25 bars and restaurants, a few of which include Buffalo Wild Wings, Yardhouse, and Dave & Busters. YAM Properties, owned by GoDaddy founder Bob Parsons, purchased Westgate in 2018 for $133M and will very likely build out the remaining 33 acres of vacant land on the property over the coming years. According to Bob Parsons, "The
potential for Westgate is huge."
Other noteworthy developments adjacent to Westgate are: Tanger Outlets with 100 retail shops, Cabellas, and Top Golf located west of Loop 101. The $400M Desert Diamond Casino under construction will feature a 750,000 gaming floor and scheduled to open by end of 2019. Arrowhead Towne Center is located 6 miles north and consists of 1.3 million square feet of retail shops. Major anchors include Macy's, JCPenny, Dillards, Forver 21 and Dick Sporting Goods.
Built in 1984, Artisan Park is a low-density community at 20.3 units / acre and constructed of wood frame and stucco with pitched roofs. The community consists of 13 residential buildings, stand-alone office, two large pools areas with gazebos and lush grass-covered courtyards. All units are individually metered for electric, include individual roof-mounted HVAC systems and individual electric hot water heaters. Natural gas provides heating at the main pool / spa and could be utilized for adding gas BBQ grills at the pool area. The attractive unit mix averages 803 square feet and includes an even distribution of three floorplans: 1-bed / 1-bath, 2-bed / 1-bath, and 2-bed / 2-bath units. Washer / dryer hookups were installed during construction and the current owner added full-size washer /dryer sets to approximately 95% of all units since acquisition in 2014. Current ownership is now finishing replacement of 12 of the 13 building roofs, with the 13th building only having been repaired. Warranties for the 12 new roofs will transfer to a new owner.
