FOR SALE PUESTA DEL SOL A 128 Unit Multifamily Community
Executive Summary THE OFFERING Built in 1986 The Puesta del Sol multifamily community is comprised of wood frame construction with stucco exterior, composite shingled pitched roofs and is individually metered for electricity. This striking multi-residential community consists of (2) three-story garden style buildings that each feature attractive courtyards with sustainable synthetic grass areas, two swimming pool, and ample outdoor barbecues and picnic areas for residents to enjoy. The current ownership has recently completed an extensive capital renovation to the community which included updated landscaping, new flooring, appliances, exterior paint, and numerous new cabinets and countertops. Surrounded by new, emerging and well established single-family neighborhoods, Puesta del Sol is situated within blocks of an Elementary School, a YMCA, a local golf course, and the entrance to South Mountain State Park/Preserve, the largest municipal park in the country with over 16,000 acres and topping 2,300 feet at its highest point. The South Mountain Park preserve includes 51 miles of trails for horseback riding, hiking and mountain biking, as well as stunning panoramic views of the city skyline and surrounding desert. The South Mountain Village has retained the flavor of its rural roots while providing residents easy access to Phoenix s major employment hubs, entertainment centers, shopping and sports venues, and much more. The area offers a perfect mix of natural landscape, urban agriculture and neighborly atmosphere where shopping and entertainment are close at hand and farm-to-table restaurants provide residents an escape from the rush of daily life. Active families and outdoor enthusiasts will enjoy the countless recreational opportunities that living tucked into South Mountain Park offers. Over the past 36 months, extraordinary single family residential construction along with business and job growth has been the catalyst for the renaissance of the South Mountain Village and Phoenix Baseline Road corridor attracting young family and first-time home buyer interest to reside in a quiet and picturesque residential environment. This progressive economic growth has produced historically low vacancy rates along with increasing rental rates, eclipsing the market highs realized in 2006 and 2007. As a result, the advantageous rental demand and supply dynamic substantiated within the greater Phoenix area and the South Mountain Village has given rise to extraordinary occupancy, rental and value appreciation. VALUATION SNAPSHOT PUESTA DEL SOL 128 UNITS 61,975 RSF BUILT 1986 Marketing Price $9,250,000 Price Per Unit $72,266 Price Per Sq. Ft. $149.25 Cap Rate Actual 6.50% Cap Rate Proforma 6.65% Puesta Del Sol Kidder Mathews
Glendale ALHAMBRA Phoenix Mountains Preserve Paradise Valley GAINEY RANCH MCCORMICK RANCH PROPERTY SUMMARY Property Address 8818 S. Central Avenue, Phoenix, AZ 85040 MARYVALE VILLAGE ENCANTO CAMELBACK EAST VILLAGE Scottsdale Units 128 Stories Three (3) # of Buildings Two (2) Tolleson Phoenix Papago Park APN 300-45-224, 225B, 225C ESTRELLA VILLAGE CENTRAL CITY Tempe Arizona State University, Tempe Campus Mesa Rentable SF 61,975 Land Size 3.25 AC (+/-141,745 SF) Density 39.38 units per acre LAVEEN PUESTA VILLAGE DEL SOL SOUTH MOUNTAIN VILLAGE Guadalupe DOBSON RANCH Year Built 1986 Construction Wood Frame South Mountain Park Parking Laundry Zoning 140 Spaces 2 onsite laundry facilities R-5, Multi-Family Residential, City of Phoenix PROPERTY HIGHLIGHTS Desirable unit mix Excellent accessibility & location Supply constrained multifamily submarket Minutes to major employment Convenient resident amenities S Central Ave Seamless lease fulfilment for new residents Environmentally conscience community
Unit Amenities UNIT MIX TYPE UNITS % SF Studio 17 13.3% 300 SF 1 BD / 1 BA 81 63.3% 450 SF 2 BD / 1 BA 30 23.4% 675 SF TOTAL 128 100% 61,975 SF UNIT FEATURES u High speed internet access u Tile and vinyl flooring u Walk-in closets u Accent walls u New sustainable counter tops and cabinets u New refrigerator and oven/range in some units u Update HVAC systems in some units u Island kitchen with granite countertops in some units u Stainless steel sink with water efficient faucets u Dual pane windows u Tub/shower with water efficient showerheads u Updated interior lighting Puesta Del Sol Kidder Mathews
Exterior Photos PROPERTY AMENITIES u Two swimming pools u Business center with coffee bar u Two laundry facilities u Picnic areas u Professional leasing office u Gated/controlled access u Shaded children s playground u Synthetic grassy areas u Mini-soccer field u Private Drive Entrance u Community gas BBQ grills u Scenic Mountain Views Puesta Del Sol Kidder Mathews
SOUTH MOUNTAIN COMMUNITY COLLEGE South Mountain Park VISTAL RESIDENTIAL DEVELOPMENT A cas E Baseline Rd PUESTA DEL SOL S Central Ave W Dobbins Rd Karl Abert Senior Vice President kabert@kiddermathews.com D. 602.513.5107 C. 602.717.8070 kiddermathews.com www.puestadelsoloffering.com This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this marketing package has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.