21420 N 23rd Ave Phoenix, AZ 85027

Desert Winds is a 28-unit garden-style apartment community located in a desirable north Phoenix neighborhood. Built in 1983 the property is made of wood frame and stucco construction with pitched composition shingle roofs and is individually-metered for electricity with copper plumbing. The unit mix consists of all one-bedroom floor plans that well designed and average approximately 550 square feet. Interior unit amenities include fully appointed kitchens with full-size electric appliances, vertical blinds and large bathroom vanities. The property is situated on approximately 0.69 acres and features low water use desert landscaping with mature shade trees. Community Amenities include a large swimming pool and on-site laundry facility.
Current ownership has implemented minor improvements to the recently leased units and have achieved rental premiums of over $50. This leaves significant value-add potential for an investor to continue the improvements and capitalize on the rapidly increasing market rents.
Over the last year, the North Phoenix submarket average rental rates increased by 8.0% to $1.08, higher than the metropolitan Phoenix average by 2.86%. Likewise, the average occupancy is 95% respectively. Strategic path of growth positions Desert Winds 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, offering an investor a unique value-add opportunity through continued rental increase.