3031 N. 36TH STREET | PHOENIX, AZ | 85018 30-UNIT...

Sydney The

30-UNIT COMMUNITY IN DESIRABLE SOUTH ARCADIA NEIGHBORHOOD3031 N. 36TH STREET | PHOENIX, AZ | 85018

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PROPERTY VISITATIONProspective purchasers will have the opportunity to visit the property via pre-scheduled property tours. These tours will include access to a representative sampling of units and access to maintenance and other similar facilities. In order to accommodate the property’s ongoing operations, property visitation will require advance notice and scheduling.

OFFER SUBMISSIONOffers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of Purchasers’ offers including, but not limited to (1) asset pricing, (2) due diligence and closing time frame, (3) earnest money deposit, and (4) qualifications to close. The purchase terms shall require all cash to be paid at closing. Offers should be delivered to the attention of Ryan Ash and Mike Woodrick using the email or fax number information listed below.

CONTACT INFORMATIONRyan AshSenior Managing DirectorTel: [email protected]

Mike WoodrickDirectorTel: [email protected]

ARA - Phoenix2398 E. Camelback RoadSuite 950Phoenix, Arizona 85016Tel: 602-252-4232Fax: 602-252-4236www.ARAnewmark.com

OFFER SOLICITATION PROCESS

TABLE OF CONTENTS

04 EXECUTIVE SUMMARY

07 PROPERTY OVERVIEW

18 VALUATION SUMMARY

22 COMPARABLE SALES

29 APPENDIX

31 CONTACT

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EXECUTIVE SUMMARY04

THE OPPORTUNITYThe Sydney Apartments is a pride of ownership 30 unit garden-style community located in the booming South Arcadia neighborhood of East Phoenix. In recent years this immediate block has been rejuvenated and seen a complete transformation with many older homes and apartment communities being renovated and updated or have been razed and redeveloped into high end homes with values over $600,000. The demand is being stemmed from the continued strength of the Camelback Corridor which hosts a dynamic mix of class “A” quality office space coupled with the high end retail and popular restaurants of the Biltmore Fashion Park. In recent years that demand is being pushed south to the burgeoning Indian School Corridor which has seen many hard corners being redeveloped with popular shops and trendy restaurants providing residents the Live, Work, Play environment right in the neighborhood. Neighborhood hotspots include La Grande Orange, Postino’s, The Vig, Crudo, The Attic Ale House, Sacks, Zoe’s Kitchen, The Tee Pee, and Pita Jungle. The transformation has led to increased rental demand and rents have risen significantly and continue to rise as the neighborhood continues to gentrify.

Under current ownership’s oversight and direction, The Sydney has been repositioned to capture the urban trend emerging from the Camelback Corridor and Arcadia neighborhoods. The property was renovated in 2016 and into 2017 with nearly $500K invested to upgrade unit interiors as well as to enhance the community operations, grounds and improve the common area amenities. Ownership made several improvements to change the look and feel of the community from a dated 1960’s vintage community to a modern and vibrant look and feel that is being seen in this South Arcadia neighborhood. Those include new paint to the front of the property with a unique artistic design with multiple colors which grabs attention to the high drive-by and pedestrian traffic along 36th street. Others improvements include a large modern block built in barbecue and table with long wooden benches in the courtyard, new pool furniture and tables in the pool area, a new block wall and gate around the pool equipment, attractive new landscaping with desert rock, cactus, plants, and palm trees coupled with several grass areas for the residents to enjoy. Further improvements include a reseal of the parking lot, and new block wall along the south side of the community. Interior renovations include two-tone paint, new flooring consisting of modern gray vinyl, carpet, and ceramic tile, resurfaced countertops, painted cabinets, new appliances, new kitchen and bathroom sinks and faucets, refinished tubs and tile shower surrounds and light fixtures and switches throughout. Current ownership has made significant renovations to the exterior of the property as well. The biggest improvement was converting the property’s electric utility from one master meter using a chiller and boiler to individually metered with 30 new electric meters and 30 new HVAC units. This was a huge improvement to the property providing a tremendous benefit to ownership which eliminates the electricity costs of the individual units which was previously the responsibility of ownership. Furthermore moving forward a new owner will benefit from the 30 brand new HVAC’s and individual meters for electric which are the responsibility of the tenants.

The Sydney offers the opportunity to purchase a repositioned apartment community that has captured the urban trend emerging from the Camelback Corridor and adjacent Arcadia neighborhood.

INVESTMENT HIGHLIGHTS

• Repositioned Pride of Ownership

Community

• Located in Booming South Arcadia

Neighborhood

• Repositioned in 2016/2017, Significant

Quality Renovations

• 30 New Individual Meters and 30 New

HVAC’s

• Upgraded Unit Interiors; Flooring, Paint,

Appliances, Fixtures

• Artistic & Modern Paint Schemes

Throughout

• Great Frontage and Curb Appeal along

36th Street

• Courtyard with Pool and Large Built in

Barbecue & Benches

• Attractive Landscaping w/ Several Grass

Areas for Residents to Enjoy

• Large 1, 2, and 3 Bedroom Floor Plans

• 100% Occupied with Waiting List

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TOTAL UNITS 30

YEAR BUILT 1970

PRICE $2,695,000

PRICE PER UNIT $89,833

RENTABLE SF $124.54

AVERAGE SF PER UNIT 721

PROFORMA CAP RATE 6.27%

AVERAGE RENT PER UNIT $736

AVERAGE RENT PER SF $1.02

TERMS OF THEOFFERING

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PROPERTY OVERVIEW04

8

Sydney Apartments

ADDRESS: 3031 N. 36th StreetPhoenix, AZ 85018

COUNTY: Maricopa

YEAR BUILT: 1970

NUMBER OF UNITS: 30

NUMBER OF BUILDINGS: 1

STORIES: 2

RENTABLE AREA: 21,640

AVERAGE UNIT SIZE: 721

LAND AREA: 0.92 acres

MECHANICAL SYSTEMS / METERING

ELECTRICITY: Individually metered, resident paid

GAS: Owner paid

WATER/SEWER: Owner paid

TRASH DISPOSAL: Owner paid

CONSTRUCTION FEATURES

• Brick Construction• Pitched Roof

AMENITIES

GRASS COURTYARD

POOL W/ SUNDECK

BARBEQUE AREA

LAUNDRY ROOM

COVERED PARKING

UNIT TYPE NO. OF UNITS SQUARE FEET

PROFORMA MARKET RENT/MONTH

PROFORMA MARKET RENT/SQUARE FOOT

1 BED / 1 BATH 8 530 $650 $1.23

1 BED / 1 BATH 12 675 $690 $1.02

2 BED / 1 BATH 8 870 $850 $0.98

3 BED / 2 BATH 2 1,170 $900 $0.77

TOTAL / AVG. 30 721 $736 $1.02

PROPERTY DETAILS

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LOCATION MAP

The Sydney

The Sydney

11N

. 44T

H S

TREE

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THOMAS ROADN

. 40T

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TREE

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The Sydney

E. INDIAN SCHOOL

MONTE VISTA ELEMENTARY SCHOOL

ARCADIAHIGH SCHOOL

MANOR 38

Currently under construction, this Green Street Community is a gated, 21 home site with prices starting at $609,990.

PIERCE PARK

N. 3

6TH

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INDIAN SCHOOL ROAD

N. 4

4TH

STR

EET

N. 4

0TH

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N. 3

6TH

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N. 3

2ND

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The Sydney

ARCADIA FIESTA

EISENBERG COMPANYRETAIL DEVELOPMENT

ARCADIA GATEWAY SHOPPING

ARCADIA FIESTAOn the corner of 32nd Street and Indian School Road, this shopping center is getting a whole new face lift including new store fronts, refurbished parking lot, and new landscaping. Several original tenants will stay on including O-Reilly Automotive and Ace Hardware and new additions including Ross, Anytime Fitness, Tuesday Morning, Dutch Brothers, McDonalds and more. Some portions of the shopping center are currently open with construction to wrap up shortly.

EISENBERG COMPANYOn the Northwest corner of 40th Street and Indian School Road, this property was leveled to make way for a brand new high-end retail center. Developed by the Eisenberg Company, the property is already 100% leased and is set to open this spring. New restaurants include California based Eureka!, Tacos Tequila Whiskey out of Denver, and Even Stevens Sandwich Shop from Salt Lake City, a sandwich shop that donates a sandwich to a local nonprofit for every sandwich sold.

ARCADIA GATEWAY SHOPPINGOn the Southwest corner of 44th Street and Indian School is a former apartment complex that will now house a brand new shopping center with over 30,000 square feet of retail and restaurant space. Current planned tenants include Smashburger, Zoe’s Kitchen, Elements Message and the new Fox Concept restaurant that has yet to be revealed. Some stores are currently open with the only a remaining few opening soon.

AREA DEVELOPMENTS

PAPAGO PARKWith its massive, otherworldly sandstone buttes that set it apart, this oasis in the city has something for everyone, a popular destination for locals and tourists alike.

Papago Park• This beautiful and unique park has plenty for visitors including

exploring its extensive and famous trail network that leads to the Hole-In-The-Rock. Papago’s desert trails are generally smooth, easy treks with little elevation gain, making it a great place for a family hike or to hone your mountain biking skills. Papago park also has fishing lagoons that cover 7.8 acres and are stocked with catfish for summer and trout for the winter.

Desert Botanical Garden• For more than 70 years, the Desert Botanical Garden has been

teaching and inspiring visitors from the local community and around the world, providing research, exhibits and more designed to help us understand, protect and preserve the desert’s natural beauty. Today, the garden features over 50,000+ plant displays on 140 acres. Events such as Chihuly in the Garden and Las Noches De Las Luminarias also help bring in the gardens 640,000+ visitors a year.

Phoenix Zoo • The Phoenix Zoo opened its door sin 1962 and has since

become the largest privately owned, non-profit zoo in the United States. Operating on 125 acres of land within the Papago Park, the zoo has over 1,400 animals and contains 2.5 miles of walking trails. Daily activities that visitors can enjoy include Camel Rides, Giraffe Encounter, and Stingray Bay in which guests come hand to fin with a school of cownose stingrays.

Papago Golf Course• Papago Golf Course opened in 1963, and quickly became

popular with Phoenix area residents. Owned by the City of Phoenix, this public golf course went through a $5.8 million dollar restoration in 2008. The course provides spectacular views of Phoenix from its unique, strategic setting at the base of Papago Buttes.

Papago Park Baseball Facility and Softball Complex• Used year-round for Oakland Athletics player development,

this facility also hosts the AIA State Baseball play-offs, amateur baseball league games and tournaments, as well as camps and clinics. The facility includes 4 full size practice fields, 2 half-fields, 10 bullpens, 9 batting tunnels and a clubhouse.

DOWNTOWN SCOTTSDALELocated just a few minutes away is downtown Scottsdale, the ultimate destination for visitors and residents alike to enjoy art galleries, specialty retail, dining venues that range from casual to upscale, southwestern cultural attractions and an extraordinary nightlife.

Scottsdale Fashion Square • The largest shopping mall in Arizona, Fashion Square has nearly 2 million

square feet of retail space and on the top 10 most profitable malls in the country.

Downtown Scottsdale• Downtown Scottsdale has an incredible vibrant energy. By day, shopping,

gallery-hopping and dining alfresco are among the most popular pastimes. After dark, Downtown takes a whole new glow with evening ArtWalks, performing arts and more than 80 sophisticated nightclubs, wine bars and lounges.

Old Town Scottsdale• Old Town is a neighborhood within Downtown Scottsdale that features a

taste of the Old West with restaurants, shopping and Western bars. With wooden beams, wagon wheels, and cowboy hats abundant, you’re sure to feel like you’ve travel back in time.

CAMELBACK CORRIDORLocated nearby lies the desirable Biltmore/Camelback Corridor. Its to the modern urban dweller who enjoys a quiet relaxed atmosphere at home with convenient proximity by bus, bike, foot or car to a variety of activity centers bustling with activity. The Camelback Corridor is one of the city’s mose acclaimed neighborhoods, known as the financial district, it is surrounded by upscale shopping and dining.

Biltmore Fashion Park • This lush garden-style upscale shopping venue is home to the trendy and

delicious. Saks Fifth Avenue and Macys share space with names like Pottery Barn and Elizabeth Arden while restaurants like Capital Grille and TruFoods tempt every appetite. Across the street movie-goers will love the new AMC Dine-in Esplanade 14 Theaters.

Arizona Biltmore• You can’t talk about the Camelback Corridor without mentioning the Biltmore,

dubbed the “Jewel of the Desert” and renowned for its architectural imprint by Frank Lloyd Wright-inspired architecture. This elite getaway features 39 acres blanketed with lush gardens, two premier golf courses and views of Camelback Mountain and Piestewa Peak. Dotted with glistening swimming pools, first class dining, and incredible views, the resort has attracted locals as well as celebrities and U.S. presidents since it opened in 1929.

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• Sky Harbor is the one of the nation’s ten busiest airports and the 19th busiest airport in the world in 2013. The airport served over 40 million passengers in 2013, a daily average of 1,200 aircraft operations, 100,000 passengers and more than 800 tons of cargo.

• Sky Harbor is dubbed America’s Friendliest Airport.

• Sky Harbor is the only airport in the country with hubs for two major low-fare carriers, U.S. Airways and Southwest Airlines. This is one of the reasons average round-trip airfare has been below the national average for the past 13 years.

• It is Arizona’s largest and busiest airport, and the largest commercial airport in the American Southwest.

• The airport has a daily economic impact of $79 million.

• The Phoenix Airport System include 3 airports, Sky Harbor International Airport, Phoenix Goodyear, and Phoenix Deer Valley.

• Sky Harbor have over 43,000 employees and an economic impact of $9.5 billion annually.

• The airport’s current 326-foot tall air traffic control tower began operation in 2007. The tower is Sky Harbor’s forth control tower and is among the tallest control towers in North America.

• The airport has over 120 aircraft gates in three Terminals.

• The new Phoenix Sky Train is an automated people-mover, much like other airports, that will, by 2020, transport Sky Harbor passengers from the 44th Street and Washington Light Rail station to Sky Harbor’s East Economy Parking lot, through all three terminals, then on to the Rental Car Center just west of the airport. Sky Harbor is the first airport in the world to have a train track high enough for aircraft to pass underneath.

• Sky Harbor occupies over 3,000 acres and has three runways.

• Sky Harbor was purchased by the City of Phoenix in July of 1935 for $100,000. The City paid $35,300 in cash and took out a $64,700 mortgage. However, Terminal 1 was the first “modern” terminal built and was completed in October 1952.

PHOENIX SKY HARBOR AIRPORT

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THE CITY OF PHOENIX’SNOTABLE RANKINGS

PHOENIX METRO ECONOMIC CLIMATEManufacturing and tourism, traditionally the base of the city’s economy, continues to be important to Phoenix. Major industrial products manufactured by companies located in the metropolitan area include aircraft parts, electronic equipment, agricultural chemicals, radios, air-conditioning equipment, leather goods, and native American crafts.

Tourism is an especially vital part of the economy. With more than 10 million visitors from throughout the United States and Canada visiting annually for the warm weather and sunshine in the Valley of the Sun, Phoenix continues to be an important resort center. Flights from Phoenix travel to 89 locations within the United States and 17 cities

internationally including destinations in Norway, Sweden, Greenland, Mexico, India, and Canada. The airport is constantly seeking to improve its facilities as is demonstrated by the nearly 80 ongoing slated projects costing an upwards of $600 million.

As the result of the population boom, the economy of Phoenix has taken on new dimensions in recent decades by moving into technology and service industries. Tourism and business services in particular now account for nearly 77 percent of the area’s total employment. Another sector of growth has been financial services and banking as several significant processing and/or regional headquarters operations call Phoenix home: American Express, Chase Bank, Bank of America, Discover Card Services,

10 FASTESTGROWING CITIES

(CNN Money, 2014)

TOP 5 FOR SMALLBUSINESSES(National Federation

for Independent Business, 2014)

METRO PHOENIX RANKED BEST CITY FOR WORKING PARENTS

[Business Insider, 2014]

TOP 20 BEST PLACES FORTECH STARTUPS

[Access Across America, 2014]

EIGHTH BEST CITY FOR RECENT COLLEGE GRADUATES SEEKING A JOB

[Kiplinger, 2014]

ARIZONA STATE UNIVERSITY

#1 IN U.S. FOR INNOVATION

[AZ Tech Beat, 2014]

#1 IN SWIPING FINANCIALJOBS FROM WALL STREET

[Forbes, 2014]

PHOENIX TOP 10

FISCALLY FIT CITIES IN THE US[State Farm Insurance, 2014]

14TH

SAFEST CITY IN AMERICA

[The Daily Beast, 2013]

#1 AIRPORT IN THE U.S. - SKY HARBOR

[USA Today, 2016]

#1 STATE FOR FUTURE JOB GROWTH(Forbes, 2015)

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EMPLOYMENT

Forbes has projected Arizona to be the best state for future job growth calling Arizona one of the “brighter spots in a slumbering U.S. economy thanks in part to renewed migration.” Arizona has become a landing spot for expanding businesses because of its skilled workforce, available real estate and diversified economy. This bright outlook includes a great amount of business expansion in the Chandler market. General Motors, which opened an IT center in Chandler in September 2014, are bring higher-wage jobs and is planning to continue to expand its Chandler presence. Current top employers include:

Intel 11,300 jobsWells Fargo Bank 4,500Chandler Unified Schools 4,500Bank of America 3,800Verizon Wireless 2,400 City of Chandler 2,175Chandler Medical Center 2,100PayPal 2,000Orbital ATK 1,650Microchip Technology 1,625

VALUATIONSUMMARY04

EXECUTIVE SUMMARYFinancial Analysis Executive SummaryThe SydneyPhoenix, Arizona

Number of Units 30 Per Unit DollarsYear Built 1970 Effective Gross Income $8,640 $259,212List Price $2,695,000 Less: Operating Expenses 2,753 82,591Price per Unit $89,833 Less: Capital Reserves 250 7,500Price per Square Foot $124.54 Net Operating Income 5,637 169,121Rentable Square Feet 21,640 Debt Service 108,077Average Square Feet per Unit 721 Net Cash Flow (7.55%) $61,044Average Rent per Unit $736Average Rent per SF $1.02

Down Payment $808,500 Cap Rate 6.27%Proposed New Loan $1,886,500 Cash on Cash Return 7.55%Loan-to-Value 70%Interest Rate 4.00%Loan Term 5 YearsAmortization 30 Years

Disclaimer

This information has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm itsaccuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

PROPERTY OVERVIEW Proforma

Financing TermsFinancial Return

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MARKET UNDERWRITING ANALYSISMarket Underwriting AnalysisThe SydneyPhoenix, Arizona

INCOME AssumptionsGross Scheduled Rent $264,960Gross Potential Income $264,960

Less: Vacancy (5.0%) (13,248)Total Rental Income 95.00% $251,712

Plus: Other Income 250 7,500

Effective Gross Income $259,212

EXPENSES per unit

Repairs & Maintenance $500 $15,000Payroll 250 7,500Administrative/Advertising 100 3,000Utilities 850 25,500Total Variable Expenses $1,700 $51,000Taxes 517 15,523Insurance 200 6,000Management Fee 4.00% 10,068Total Operating Expenses $2,753 $82,591Plus: Capital Reserves 250 7,500Total Expenses $3,003 $90,091

NET OPERATING INCOME $169,121

Debt ServiceNew Financing - $1,886,500 (70% LTV)Debt Service (4% P & I)Cash Flow After Debt Service (7.55%) $61,044

$108,077

Proforma

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UNIT MIX AND CURRENT MARKET RENTSUnit Mix and Current Market RentsThe SydneyPhoenix, Arizona

Proforma ProformaProforma Monthly Annual

Unit No. of % Unit Proforma Rent Rent Rent TotalDescription Units Type Sq. Ft. Rents /Sq. Ft. Total Total Sq. Ft.

1 Bdrm / 1 Bath 8 26.7% 530 $650 $1.23 $5,200 $62,400 4,240

1 Bdrm / 1 Bath 12 40.0% 675 $690 $1.02 $8,280 $99,360 8,100

2 Bdrm / 1 Bath 8 26.7% 870 $850 $0.98 $6,800 $81,600 6,960

3 Bdrm / 2 Bath 2 6.7% 1,170 $900 $0.77 $1,800.00 $21,600.00 2,340

Total / Avg. 30 100.0% 721 $736 $1.02 $22,080 $264,960 21,640

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COMPARABLE SALES04

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1

5

210 S Roosevelt St - Revival On RooseveltTempe, AZ 85281Sale on 10/13/2016 for $3,000,000 ($180.93/SF; $150,000/Unit) - Research Complete20 Unit, 16,581 SF Class C Apartments Building Built in 1988

SOLD1

Buyer & Seller Contact Info

Recorded Buyer: Recorded Seller: Revival Condominiums LLLPRoosevelt Park, LLCTrue Buyer: True Seller: Mentor Properties

Cal Desouza15169 N Scottsdale RdScottsdale, AZ 85254(480) 710-1929

Patrick BoydPatrick Boyd1440 W 12th PlTempe, AZ 85281(480) 747-4737

Buyer Type: Seller Type: Developer/Owner-RGNLOther - PrivateBuyer Broker: Listing Broker: Jones Group

Jim Jones(480) 607-7200

Jones GroupJim Jones(480) 607-7200

Sale Date:

Price/SF:

Sale Price:

$180.93

$3,000,000-Confirmed

10/13/2016Bldg Type:

Land Area:

Year Built/Age:RBA:

ApartmentsBuilt in 1988 Age: 2816,581 SF0.61 AC (26,402 SF)

Percent Leased: -

Transaction Details

Asking Price: -

Price/SF Land Gross: $113.63

Total Value Assessed:Improved Value Assessed

Land Value Assessed:

$1,113,500 in 2015$890,900$222,600

Percent Improved: 80.0%

Land Assessed/SF: $8.00

InvestmentSale Type:

GRM/GIM: -/-

ID: 3731027

-

Spacer

Escrow Length: -

Parcel No:

Financing:

124-31-026G, 124-31-026H

Down payment of $0.00 (0.0%)$600,000.00 from Sunny Bel Group LLC

Document No: 0752001Sale History: Sold for $3,000,000 ($180.93/SF; $150,000/Unit) on 10/13/2016

Sold for $1,950,000 ($117.60/SF; $97,500/Unit) on 8/28/2014 Non-Arms LengthSold for $1,075,000 ($64.83/SF; $53,750/Unit) on 3/20/2013Sold for $0 ($0/Unit) on 5/27/2009 Non-Arms LengthSold for $1,800,000 ($108.56/SF; $90,000/Unit) on 12/19/2006Sold for $1,450,000 ($87.45/SF; $72,500/Unit) on 10/1/2004Sold for $1,200,000 ($72.37/SF; $60,000/Unit) on 12/12/2000Sold for $851,064 ($51.33/SF; $42,553/Unit) on 11/19/1998

Copyrighted report licensed to ARA, A Newmark Company - 7983. 1/11/2017

Page 1


SOLD1






Jim Jones(480) 607-7200


Sale Date:

Price/SF:

Sale Price:

$180.93



Land Area:

Year Built/Age:RBA:


Percent Leased: -

Transaction Details

Asking Price: -




$1,113,500 in 2015$890,900$222,600




GRM/GIM: -/-

ID: 3731027

-

Spacer

Escrow Length: -

Parcel No:

Financing:

124-31-026G, 124-31-026H





Page 1


SOLD1






Jim Jones(480) 607-7200


Sale Date:

Price/SF:

Sale Price:

$180.93



Land Area:

Year Built/Age:RBA:


Percent Leased: -

Transaction Details

Asking Price: -




$1,113,500 in 2015$890,900$222,600




GRM/GIM: -/-

ID: 3731027

-

Spacer

Escrow Length: -

Parcel No:

Financing:

124-31-026G, 124-31-026H





Page 1

210 S Roosevelt St1 Sold: $3,000,000 ($150,000/Unit)Tempe 16,581 SF Multi-Family/Apartments

1133 W 5th St2 Sold: $7,150,000 ($162,500/Unit)Tempe 41,580 SF Multi-Family/Apartments

407-411 W 7th St3-1 Multi-Property Sale: $1,650,000 ($117,857/Unit)Tempe 13,300 SF Multi-Family/Apartments

419 W 7th St3-2 Multi-Property Sale: $1,650,000 ($117,857/Unit)Tempe 13,300 SF Multi-Family/Apartments

1214 S Farmer Ave4 Sold: $660,000 ($110,000/Unit)Tempe 4,029 SF Multi-Family/Apartments

1700 S College Ave5 Sold: $2,850,000 ($91,935/Unit)Tempe 21,600 SF Multi-Family/Apartments

Address City Property Info Sale Info


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CENTURY

APARTMENT NAME CITY UNITS PRICE $/UNIT $/SQ. FT. YOC SALE DATE

S Sydney Phoenix 30 $2,695,000 $89,833 $124.54 1970 TBD

1 Hyde Park Phoenix 28 $2,800,000 $100,000 $121.37 1971 3/21/2017

2 Village Phoenix Phoenix 43 $4,500,000 $104,651 $120.97 1969 3/17/2017

3 Century Phoenix 30 $2,850,000 $95,000 $147.55 1961 2/16/2017

4 Encanto Oasis Phoenix 26 $3,100,000 $119,231 $103.37 1962 1/6/2017

5 Level on 17 Phoenix 29 $2,727,500 $94,052 $101.64 1977 12/22/2016

6 Avenue 801 Phoenix 60 $5,425,000 $90,417 $138.82 1956 12/2/2016

7 Red Rock Garden Villas Phoenix 13 $1,118,000 $86,000 $108.02 1955 9/30/2016

8 28 on Thomas Phoenix 27 $2,400,000 $88,889 $107.59 1959 8/5/2016

9 The Markley on 32nd Phoenix 26 $2,550,000 $98,077 $97.93 1964 6/30/2016

Averages 31 $3,052,278 $97,413 $117.30 1964

ENCANTO OASIS2

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LEVEL ON 17 AVENUE 801

4

COMPARABLE SALES

3025 N 36th St1 Sold: $2,850,000 ($95,000/Unit)Phoenix 19,315 SF Multi-Family/Apartments

1840 W Thomas Rd2 Sold: $3,100,000 ($119,231/Unit)Phoenix 29,988 SF Multi-Family/Apartments

6725 N 17th Ave3 Sold: $2,727,500 ($94,052/Unit)Phoenix 26,836 SF Multi-Family/Apartments

801 W Turney Ave4 Sold: $5,425,000 ($90,417/Unit)Phoenix 39,080 SF Multi-Family/Apartments


1225-1241 E Thomas Rd6 Sold: $2,400,000 ($88,889/Unit)Phoenix 22,307 SF Multi-Family/Apartments

4415-4420 N 8th Ave7 Sold: $2,217,500 ($92,396/Unit)Phoenix 14,382 SF Multi-Family/Apartments

4232 N 32nd St8 Sold: $2,550,000 ($98,077/Unit)Phoenix 26,040 SF Multi-Family/Apartments




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RED ROCK GARDEN VILLAS 28 ON THOMAS

THE MARKLEY ON 32ND

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HYDE PARK VILLAGE PHOENIX

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S Y D N E Y A P A R T M E N T S3 0 3 1 N . 3 6 T H S T R E E T , P H O E N I X 8 5 0 1 8lamar

4227 w. lamar road85019

Unit Type SF # of UnitsNo. of Units: 30 Price: 2,695,000$ 1 Bedroom / 1 Bath 530 8Year Built: 1970 Price Per Unit: 89,833$ 1 Bedroom / 1 Bath 675 12NRA: 21,640 Price Per SF: 124.54$ 2 Bedroom / 1 Bath 870 8

Sale Date: TBD 3 Bedroom / 2 Bath 1,170 2Totals 30

Property Information Sale Information

H Y D E P A R K A P A R T M E N T S3 8 2 2 N . 2 8 T H S T R E E T , P H O E N I X 8 5 0 1 6

hyde park3822 n. 28th street

85016

Unit Type SF # of UnitsNo. of Units: 28 Price: 2,800,000$ 2 Bedroom / 1 Bath 800 28Year Built: 1971 Price Per Unit: 100,000$ Totals 28NRA: 23,070 Price Per SF: 121.37$

Sale Date: 3/21/2017


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V I L L A G E P H O E N I X A P A R T M E N T S2 6 2 0 N . 4 0 T H S T R E E T , P H O E N I X 8 5 0 0 8village phoenix

2620 n. 40th street85008

Unit Type SF # of UnitsNo. of Units: 43 Price: 4,500,000$ 1 Bedroom / 1 Bath 600 15Year Built: 1969 Price Per Unit: 104,651$ 2 Bedroom / 2 Bath 870 28NRA: 37,200 Price Per SF: 120.97$ Totals 43



C E N T U R Y A P A R T M E N T S3 0 2 5 N . 3 6 T H S T R E E T , P H O E N I X 8 5 0 1 8

brisbane3025 n. 36th street

85018


Sale Date: 2/16/2017 3 Bedroom / 2 Bath 1,023 2Totals 30


3

2

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E N C A N T O O A S I S A P A R T M E N T S1 8 4 0 W . T H O M A S R O A D , P H O E N I X 8 5 0 1 5

encanto oasis1840 w. thomas road

85015

Unit Type SF # of UnitsNo. of Units: 26 Price: 3,100,000$ 2 Bedroom / 2 Bath 950 20Year Built: 1962 Price Per Unit: 119,231$ 3 Bedroom / 2 Bath 1,280 6NRA: 29,988 Price Per SF: 103.37$ Totals 26

Sale Date: 1/6/2017


L E V E L O N 1 7 A P A R T M E N T S6 7 2 5 N . 1 7 T H A V E N U E , P H O E N I X 8 5 0 1 5level on 17

6725 n. 17th ave85015


Sale Date: 12/22/2016 Totals 29


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4

26

A V E N U E 8 0 1 A P A R T M E N T S 8 0 1 W . T U R N E Y A V E N U E , P H O E N I X 8 5 0 1 3801 turney

801 w. turney ave85013

Unit Type SF # of UnitsNo. of Units: 60 Price: 5,425,000$ 1 Bedroom / 1 Bath 600 32Year Built: 1956 Price Per Unit: 90,417$ 2 Bedroom / 1 Bath 710 28NRA: 39,080 Price Per SF: 138.82$ Totals 60



R E D R O C K G A R D E N V I L L A S A P A R T M E N T S3 2 4 4 N . 3 8 T H S T R E E T , P H O E N I X 8 5 0 1 8

red rock garden villas3244 n. 38th street

85018

Unit Type SF # of UnitsNo. of Units: 13 Price: 1,118,000$ 2 Bedroom / 1 Bath 775 13Year Built: 1955 Price Per Unit: 86,000$ Totals 13NRA: 10,350 Price Per SF: 108.02$



7

6

27

2 8 O N T H O M A S A P A R T M E N T S1 2 2 5 - 1 2 4 1 E . T H O M A S R O A D , P H O E N I X 8 5 0 1 4

28 on Thomas1225-1241 E. thomas road

85014

Unit Type SF # of UnitsNo. of Units: 27 Price: 2,400,000$ Studio 500 1Year Built: 1959 Price Per Unit: 88,889$ 1 Bedroom / 1 Bath 767 17NRA: 22,307 Price Per SF: 107.59$ 2 Bedroom / 1 Bath 900 4

Sale Date: 8/5/2016 2 Bedroom / 1 Bath 900 12 Bedroom / 2 Bath 1,075 4Totals 27


T H E M A R K L E Y O N 3 2 N D A P A R T M E N T S4 2 3 2 N . 3 2 N D S T R E E T , P H O E N I X 8 5 0 1 8the markly on 32nd

4232 n. 32nd st85018

Unit Type SF # of UnitsNo. of Units: 26 Price: 2,550,000$ 1 Bedroom / 1 Bath 796 13Year Built: 1964 Price Per Unit: 98,077$ 2 Bedroom / 2 Bath 1,149 12NRA: 26,040 Price Per SF: 97.93$ 3 Bedroom / 3 Bath 1,662 1

Sale Date: 6/30/2016 Totals 26


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29

DISCLOSUREApartment Realty Advisors of Arizona, LLLP, a licensed Arizona Broker, (collectively, the “Agent”) has prepared this material for limited use in the acquisition of certain Property or Properties, specifically, Sydney in Phoenix, Arizona.

The Offering Memorandum is not intended to provide a completely accurate summary of the Properties or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective purchasers may need or desire. All financial projections are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and the Agent, and therefore may be subject to variation. The Offering Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the Offering Memorandum. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers.

Neither the Owner nor the Agent nor any of their respective officers, agents or principals has made or will make any representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of the Contents (defined below), and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the Contents. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

The Owner and Agent expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice. The Owner shall have no legal

commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property or Properties unless and until such offer for the Property or Properties is approved by the Owner, and any conditions to the Owner obligations thereunder have been satisfied or waived.

This Offering Memorandum and the Contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the “Contents”), are of a confidential nature and are not to be made available to persons not receiving copies directly from the Agent. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the Contents to any other entity (except for outside advisors retained by you if necessary, in your opinion, for your determination of whether or not to make a proposal) without the prior written authorization of the Owner or Agent, and that you will not use the Offering Memorandum or any of the Contents in any fashion or manner detrimental to the interest of the Owner or Agent.

If you have no interest in acquiring either of the Properties at this time, kindly return the Offering Memorandum forthwith.

APPENDIX

ARA PHOENIX2398 E. Camelback Road

Suite 950

Phoenix, AZ 85016

T 602-252-4232

RYAN ASHSenior Managing DirectorT 602-852-3784

C 602-525-4877

[email protected]

MIKE WOODRICKDirectorT 602-852-3789

C 480-540-1504

[email protected]

RELATIONSHIPS THAT DELIVER RESULTS.

www.aranewmark.com

© ARA. All Rights Reserved

DO NOT STOP AT THE PROPERTY. PLEASE CONTACT THE LISTING AGENTS FOR ALL PROPERTY TOURS

3031 N. 36TH STREET | PHOENIX, AZ | 85018 30-UNIT...

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