SOLD – $170,800 / Unit – Downtown Phoenix Value Add Class C+ Multifamily Property. Featured by SVN RealStar Advisors at 480-442-8395.

[Michael Finch and Jeff Cline are no longer at Caliber Realty as indicated in the video]

SOLD -This property went under contract in less than a week at $170,800 per unit.

Melrose Apartments is a two-level, Mid-Century, multifamily community built in 1961, fully renovated in 2014/2015. The strategic repositioning of this asset is clearly measured through extensive interior & exterior renovations showing a true pride of ownership. Extensive capital infusion has succeeded in the ownership’s objectives of increasing revenue & minimizing operating expenses, while drastically improving the tenant profile. All units consists 3 bedrooms, 2 bathrooms, full-size front loading washer and dryer, new ceramic wood-style flooring, fresh 2 tone paint, new stainless steel appliances, granite counter tops, brand new single basin bathroom sinks & white tile bathtub and shower surrounds. This exceptionally remodeled & repositioned property gives an owner a brand new, turn-key asset in on of Central Phoenix’s coolest & trendiest locations for apartment living. Further upside can still be achieved with rental growth and aggressive management. There is also an ability to place a condo plat on the property for potential value add exit strategy once the condo resale market returns in the metro area.

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Melrose offers a number of amenities both inside & out. Residents enjoy a private pool and BBQ area for entertaining friends & family. All units are equipped with Direct TV, washer & dryers, dishwashers, range ovens, and full covered parking. The community is securely gated, walking distance to Safeway Grocery Store, Walgreens, the Metro Light Rail, and dozens of local restaurants, bars, and night clubs in Central & Downtown Phoenix. Melrose is an amazing Live/Work location for students, young professionals, families, or those who just like to be close to the action.

SOLD -This property went under contract in less than a week at $170,800 per unit.

Melrose is located in the Harborwood / Encanto Multifamily Submarket in the City of Phoenix Infill Development District. The area has been experiencing unprecedented growth, gentrification, and rental demand over the last few years. Only a 5 minute walk to the Valley’s Metro Light Rail System on Central Avenue and access to a variety of local restaurants & entertainment destinations such as; Hula’s Modern Tiki, Lux Café, Postino’s on Central, Windsor, Flower Child, St. Francis, Sauce, Joyride Taco House, Federal Pizza, Taco Guild, the Newton & more. Direct access to the Phoenix Sky Harbor Airport via the light rail is also available.

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The Central Phoenix neighborhood boasts the highest concentration of employment in the state with nearly 120,000 employees, more than 20 million square feet of office space, and over $4 billion of infrastructure & Investments made within a couple miles of Melrose, including the growing Downtown ASU Campus, College Of Nursing & Healthcare Innovation, Phoenix Biomedical Campus, U of A’s College of Medicine and Cancer Research Center.   Some other major area employers of note include the City of Phoenix, Wells Fargo, JP Morgan Chase, Quarles & Brady, Cigna Healthcare, Banner Healthcare, United Healthcare, Freeport McMoRan, and Snell & Wilmer.

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SOLD -This property went under contract in less than a week at $170,800 per unit.

Contact us for additional information on this amazing property.

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Jeff Cline & Michael Finch

SVN  I  RealStar Advisors

Phone: 480-442-8395

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