25 E Eva St Phoenix, AZ 85020

The Sierra is an attractive 22-unit apartment community located in a desirable north central Phoenix neighborhood. Built in 1960 and renovated in 2013, the property is made of block construction with built-up roofs, and is individually metered for electricity. The community has a unit mix consisting of studio, one-bedroom and two-bedroom floor plans that are spacious and well designed and average approximately 606 square feet. A portion of the units have been upgraded and include new ceramic tile flooring, countertops, cabinets, appliances and HVAC units. Additional unit amenities include fully appointed kitchens with electric appliances, dishwashers, ceramic tile shower surrounds, walk-in closets, vertical blinds and ceiling fans. The upgraded units rent at over a $100 premium compared to the standard units, leaving significant value-add potential for an investor to continue interior renovations to the remaining units.

The Sierra is situated on approximately 0.7 acres and features attractive lush turf landscaping with mature shade trees. Recent exterior capital improvements include paint and trim, installation of security access gates, resurfaced pool with new equipment and dual drains, exterior lighting and professionally designed landscaping. Additional community amenities include an on-site laundry facility, a shaded community sitting area with barbeques and covered parking.

The Sierra offers an investor the opportunity to acquire a garden-style apartment community located in a strong North Mountain submarket with stabilized in-place yield and additional value-add potential. Over the last year, the North Mountain submarket average rent has increased by 7% and the average occupancy has outperformed the metropolitan Phoenix average over the same time period as well. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, The Sierra is well positioned to achieve continual increases in revenue.