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6702 N 17th Avenue - Crest Apartment Homes, Phoenix, AZ

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6702 N 17th Avenue - Crest Apartment Homes

N 17th Ave
Phoenix, AZ 85015-1339 - Hoffmantown MF Submarket

(329.0 KB)

Property Type:Multi-Family Number of Units:47 Status:Existing Year Built:1979
Stories:2 Building Size:34,050 SF Land Area:1.04 AC (45,472 SF)
For Sale Price:$4,075,000 Price/Unit:$86,702.13 Cap Rate:6.04 % GRM:-

Parking:1.23 Parking Spaces / 1,000 SF

Crest is an attractive, 1979 built, block-constructed, two-story community with under building parking. All units face into two, private courtyards. The south courtyard has a large, fenced pool with a covered picnic area. The north courtyard has mature landscape with an attractive gazebo and BBQ area. Laundry facilities are on both the 1st and 2nd floors. Most of the units are large (800 sf) two bedroom with a full and a half bath. The property is individually metered for electric. The property is located within a high rental-demand area with many nearby units being condos. The property has excellent (100 ft) exposure along 17th Avenue. Crest has easy access to many retail and , employment opportunities.

Sale Notes:
Crest is an attractive 47-unit garden-style apartment community located in a
dynamic central Phoenix neighborhood. Built in 1979 and renovated in 2011, the
property is made of block construction with built-up roofs, and is individually
metered for electricity. The property is situated on approximately 1.04 acres and
is attractively landscaped with lush turf and mature shrubs creating a park-like
setting including a large sparkling swimming pool.
The unit mix consists of studios, one-bedrooms and predominately two-bedroom,
two-bathroom floor plans that are spacious and well designed and average
approximately 724 square feet. Interior unit fully appointed kitchens with electric
appliances, ceramic tile flooring, refinished cabinets and countertops, ceramic tile
shower surrounds, ceiling fans and linen closets. Community Amenities include
two attractive courtyards, one featuring a large courtyard surrounding a sparkling
swimming pool and the other courtyard featuring gazebos with picnic tables,
mature trees, and a large area with high quality artificial grass for residents and
their families to enjoy.
Additional amenities include, covered parking, a laundry facility and pedestrian
access gates. Crest shows great pride of ownership with a strong occupancy
history and many long-term residents. Crest is located one block north of Christown
Spectrum Mall, a 1.1 million square foot retail power center which features 90
shops including seven anchor tenants consisting of Big 5 Sporting goods, Costco
Wholesale, Harkins Theatre, JC Penny, PetSmart, Target, and Walmart Supercenter.
This provides residents with a large employment base including many retail and
entertainment venues. The Valley Metro Light Rail Park and Ride station is adjacent
to the mall providing residents with affordable transportation. In addition, the
subject property is in proximity to many top schools including Orangewood
Elementary School, Westwind Middle School, Washington High School, as well as
the Art Institute of Phoenix and the Phoenix Day School for the Deaf.
Furthermore, residents enjoy easy access to Interstate 17 which offers a major
transportation lifeline throughout the valley. Crest offers an investor the rare
opportunity to acquire a pride of ownership, garden-style apartment community
located in a desirable central Phoenix submarket with stable cash flow in a rapidly
improving location. Over the last year, the north/central Phoenix submarket
average rental rates increased by 4.26% to $0.98 PSF while occupancy increased
by 86 basis points. Strategic path of growth positions Crest to benefit from
accelerating fundamentals across the larger Phoenix metro. Numerous economic
forecasts project Phoenix to lead major western markets in employment and
population growth through 2017.

Brian Smuckler
(602) 735-5688

Jeff Seaman
(602) 735-5634

Derek Smigiel
(602) 735-5632

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