Glen Park 6301 N 64th Dr Immeuble residentiel 88 lots 10 429 452 € (118 517 €/Lot) Taux de capitalisation 7,12 % Glendale, AZ 85301

Glen Park is a well maintained 88 unit multifamily community that has been owned and operated by current ownership for the past 16 years. The community is located on 64th Drive just south of Maryland Avenue in a well-established in-fill Glendale neighborhood. Glen Park is situated on 3.74 acres has great frontage and curb appeal on 64th Drive. Glen 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 covered parking, pool, playground, basketball court, laundry facilities, and leasing office.

Current ownership recently completed significant exterior capital improvements totaling $1.2 million, 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, new chiller system, newly resurfaced and striped parking lot, new landscape, new granite rock, new native plants, native shade trees, several new playground equipment and basketball court.

Current ownership has owned the property for 16 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. 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).

Residents benefit greatly from the property being less than a 5 minute walk to Harold Smith Elementary School(K-8). Glen Park holds a significant advantage over competing properties in both tenant attraction and retention. Properties within walking distance of schools historically boast higher occupancy and rental rates, leading to elevated returns for new ownership.

Glen Park is located less than five miles east of the Westgate Entertainment District, which employees over 10,000 jobs. This world-class 223-acre mixed-use development includes 8M SF of entertainment, retail, restaurant, office, high-end residential, hotel, and parks. It is home to State Farm Stadium(Arizona Cardinals) and Desert Diamond Arena, a world class entertainment venue having hosted the UFC, WWE, Cirque du Soleil and hundreds of concerts including U2, Elton John, The Rolling Stones, Bon Jovi, Pearl Jam, Coldplay, Tim McGraw, Faith Hill and John Mayer to name a few. Other recreation and entertainment destinations include Top Golf, Cabela’s(Largest Sporting Store), the Tanger Outlets(90 stores & restaurants) and Desert Diamond Casino. In addition, a few miles northwest lies the Peoria Sports Complex, spring training and player development home to the Seattle Mariners and San Diego Padres.