Glenn East Apartments presents a prime value-add investment opportunity with attractive assumable debt, allowing for a seamless transition to new ownership. Centrally located off Campbell Avenue and just north of the University of Arizona and the University Medical Center (Banner Hospital), this well-maintained 46-unit community offers strong potential for long-term rent growth. Constructed with durable masonry, the property is surrounded by meticulously landscaped common areas featuring shade trees, desert-friendly plants, and artificial turf for low-maintenance appeal. A partially gated entrance enhances security while maintaining an inviting atmosphere. The unit mix consists of 12 one-bedroom/ one-bathroom and 34 two-bedroom/ one-bathroom units, offering attractive offerings to a diverse tenant base.
While select units have undergone minor upgrades, there remains a significant opportunity for further interior renovations to capture market-rate rents. Upgraded units feature modern kitchens with new paint, cabinetry, tile backsplash, updated flooring, and enhanced living spaces in select units, including refreshed bedrooms and bathrooms. The two-bedroom units feature upgraded electrical and full air conditioning systems, while the one-bedroom units are still on evaporative cooling.
Ownership currently covers common area utilities, water, sewer, and trash services, with cost-sharing through an established RUBS & CAMS program. The property successfully passes some utility expenses to tenants for improved operational efficiency. The property fosters a vibrant, community-focused environment with lush courtyards, well-maintained walkways, a swimming pool, and a picnic area with a barbecue grill. Residents benefit from shared laundry facilities and reserved covered parking, adding to the property’s appeal.
Positioned near the University of Arizona, Glenn East Apartments is a desirable housing option for students and young professionals. Its central location, strong demand, and below-market rents present an immediate investment upside, making it a standout opportunity for investors seeking short-term gains and long-term value appreciation.