8135 N 35th Ave, Phoenix, AZ 85051
- Prime opportunity to continue the proven interior value-add program: Currently 45% (251 of 561 units) of the portfolio is renovated with average rental premiums of $165/month (without a washer and dryer) and $225/month (with a washer and dryer).
- Opportunity to install washers and dryers in the remaining units and collect and additional $60/unit/month: Currently only 11% (62 of 561 units) of the portfolio have washers and dryers installed.
- Strong submarket dynamics as current asking rents are up to +$300 below submarket competitors.
- Opportunity to capitalize on ancillary income opportunities such as implementing a covered parking fee of $20/space for a potential annual revenue gain of $135,600.
- Premier opportunity to gain economies of scale in one of Phoenix's most densely populated areas.
Villas on 35th and Pointe Metro are two adjacent, garden-style communities totaling 561 units, strategically located in the dynamic Phoenix market. Phoenix continues to experience unprecedented job growth, which is fueling robust demand for multifamily housing in the market. The asset is poised for significant revenue growth via organic market rent increases; current asking rents are up to +$300 below the submarket. Investors have the tremendous opportunity to increase revenue and value by continuing the proven interior renovation program and increasing rents. Additionally, investors can focus on other ancillary income opportunities and management inefficiencies to improve operations and increase value.