Highland Park 7232 N 27th Ave Immeuble residentiel 71 lots 10 745 467 € (151 345 €/Lot) Taux de capitalisation 6,40 % Phoenix, AZ 85051

Highland Park is a well maintained 71 unit multifamily community that has been owned and operated by current ownership for the past 15 years. The community is located adjacent to Northview Acres, a well-established in-fill Phoenix neighborhood known for its single family ranch style homes on large lots and horse property giving the neighborhood character and a sense of community that is unique in the heart of Central Phoenix. Highland Park is situated on 4.35 acres has great frontage and curb appeal on 27th Avenue and benefits from great neighbors to the north, south and west. To the north is the Harvest Christian Fellowship Church, to the south is a Senior Housing community and to the west is single family ranch style home on a 2.71 acre lot. Highland Park is solidly built of block construction with concrete subfloors in between first and second floor units. This provides benefit to residents in lessoning noise between units and allows ownership to provide hard surface flooring on the second floor units. The property offers residents a pool, playground, laundry facilities, and leasing office.

Current ownership recently completed significant exterior capital improvements totaling $900K greatly enhancing the property’s curb appeal and tenant amenities. These exterior capital improvements will have a direct positive effect on tenant attraction and retention by enhancing the resident living experience leading to elevated rents, stable expenses and increased returns for new ownership. Recent capital improvements include the following:
• New Modern Exterior Paint
• New Roofs
• Newly Resurfaced and Striped Parking Lot
• New Landscape
o New Granite Rock
o New Native Plants
o Native Shade Trees
• New Children’s Playground and Play Areas
• New Gazebos Throughout

Current ownership has owned the property for 15 years and has kept the property at below market rents, giving new ownership the tremendous opportunity to significantly bump rents by updating the unit interiors and adding washer/dryer in-unit as the units are in classic condition yet have modern systems such as individual HVAC units, copper plumbing and 100amp electric service to each unit. Interior modern upgrades to classic units could include the following:
• New Shaker or Refaced Cabinet Doors
• Quartz or Hard-Surface Countertops
• Modern Laminate Flooring or Concrete Stained Floors
• Stainless Steel Appliances
• Matte Black or Brushed Steel Hardware and Fixtures
• Modern/Upgraded Gooseneck Faucets & Undermount Sinks
• New Bathroom Vanity Quartz Counter with Subway Tile Surround
• Install In-Unit Stackable Washer/Dryer (Currently Have 100 Amps Per Unit)

With multiple schools ranging from elementary to high school located within 1-2 blocks, Highland Park holds a significant advantage over competing properties in both tenant attraction and retention. Nearby schools include Washington Elementary, Palo Verde Middle School, Washington High School, and the prominent SS. Simon & Jude Cathedral School and Catholic Church. Highland Park is located 5 minutes north of the booming Grand Canyon University (GCU). The University’s 300-acre campus has gone through a $1.2 Billion investment in technologies, infrastructure and expansion over the past 10 years, providing a tremendous benefit to the local submarket through added employment, educational opportunities, and a sharp increase in rents and values. The campus enrollment in 2014 was 8,500 students with the current enrollment now surpasses 25,000 students. GCU’s 5-year forecast for enrollment is to grow to over 30,000 students and will expand the 300-acre campus to 400 acres which includes a collegiate level golf course, providing an annual economic impact of $2.1 billion to the local community.

Highland Park lies 2 miles directly south of the iconic Metrocenter Mall, once a bustling hub of retail activity and a landmark in Phoenix’s commercial history. The 80-acre space is slated for an $850 million redevelopment project called The Metropolitan. The vibrant multi-use urban village redevelopment plan includes townhomes, 140K square feet of retail space, restaurants, concert event space, pickleball courts, parks, bike paths and more. The newly completed Valley Metro Thelda Willams Transit Center, featuring Metro Light Rail stops and services, will position The Metropolitan as the newest epicenter of activity and connectivity.

Within 10 minutes of Highland Park is the Midtown Phoenix and the Central Office Corridor which hosts over 1,100 businesses and 71,000 employees. Major employers include Dignity Health, Banner Health, IBM, Century Link, Uhual Corporate Headquarters, Cigna Medial Group, Copper Point Insurance Companies. Within 10 minutes of Highland Park is Creighton University Health Sciences Campus. In 2021 Creighton University built the $150 million medical campus next to St. Joseph’s Hospital and Medical Center. The 195,000 SF Campus is a four year medical school and is home to nearly 1,000 health sciences students, including medical, nursing, occupational and physical therapy, pharmacy and physician assistant. Creighton University has an alliance and works with neighboring Dignity Health St. Joseph’s Hospital and Medical Center sending medical students for clinical rotations. St. Joseph’s Hospital and Medical Center is one of the largest in the state with 4,200 employees and offers a wide range of medical services including cardiovascular, neurological, cancer care, orthopedics and sports medicine, transplant services, emergency and trauma.

Highland Park is located 15 minutes north of the booming Downtown Phoenix submarket which boasts the highest concentration of employment in the state with approximately 150,000 employees and more than 20 million SF of office space. More than $5 billion has been newly invested in office space, retail, restaurants, educational facilities, convention space, and hotel rooms in the downtown area. Prominent employers include the City of Phoenix, Maricopa County, the State of Arizona, Wells Fargo, Bank of America, Ernst & Young, United Healthcare, Cigna Healthcare and Arizona State University Downtown Campus. Arts and Entertainment venues in Downtown Phoenix include Herberger Theater, Chase Field(home to the Arizona Diamondbacks), and the Footprint Center(home to the Phoenix Suns) that also serve as concert venues year round.