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801 W Turney Avenue - Avenue 801, Phoenix, AZ
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801 W Turney Avenue - Avenue 801
Phoenix, AZ 85013-2851 - Hoffmantown MF Submarket
Number of Units:
2 AC (87,120 SF)
For Sale Price:
2.1 Parking Spaces / 1,000 SF
11/02: ResCom Investments LLC purchased the complex from Teodor LLC. Marcus & Millichap represented both sides in the transaction. For further information, please refer to Comps #PXA-65354-12-0220.
Avenue 801 is a 60-unit garden-style apartment community located in the highly desirable Melrose District that was completely renovated and
repositioned in 2015 with high-end finishes. The property is made of block construction with pitched composition shingle roofs and is individuallymetered
for electricity and gas.
The unit mix is composed of one and two bedroom floor plans that are spacious and very well designed and range in size from 600 to 710 square
feet. The units have been completely renovated with exposed polished concrete and porcelain tile flooring, new contemporary cabinetry with
brushed nickel hardware, new countertops, full-size appliances with built-in microwaves, porcelain tile shower surrounds with new brushed nickel
fixtures, modern bathroom vanities, brushed-nickel lighting fixtures and new vertical blinds.
The property is situated on approximately 2.2 acres and has attractive landscaping with lush turf, mature shade trees and low maintenance desert
plants. Exterior renovations include a smooth stucco facade with a two-toned paint scheme, an attractive monument sign, resurface and stripe
of parking lot, resurfaced swimming pool with lounge chairs and a ramada, professionally designed landscaping, unit entry doors and upgraded
Avenue 801 offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic midtown Phoenix location
priced below replacement cost. In the third quarter of 2015, the submarket rents averaged $1.18 per square foot, 16% greater than the metropolitan
Phoenix average. Furthermore, the average submarket vacancy decreased by 222 basis points in the 3rd quarter, significantly greater than the
metro Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market’s continual improvement and recovery, Avenue
801 is well positioned to achieve continual revenue increase.
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