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Elevate at the Preserve is a new construction 38 unit attached townhome project ideally located in a South Mountain Village neighborhood, at the southeast corner of Dobbins Road and Central Avenue. All homes are fee simple, granting greater optionality at future exit, whether it is selling one home at a time or a whole community. There are three floorplans under construction. The Excite is an 879sf 2-bedroom, 2-bathroom home with assigned parking; the Elate is a 1,356sf 3-bedroom, 2.5-bathroom home with a 1-car garage; and the Inspire is a 1,456sf 4-bedroom, 2.5-bathroom home with a 2-car garage. Homes are being finished with granite counter tops, whirlpool appliance packages, wood plank tile flooring, carpet in the bedrooms, and a majority come with attached garages. Elevate at the Preserve gives an investor an excellent opportunity to acquire these homes as well as gain access to a future pipeline the developer / builder is currently developing in metro-Phoenix. This particular asset is poised to see significant value growth over the next few years. According to John Burns Real Estate Consulting, Phoenix home values are predicted to increase over 20% in the next few years and 14% rental rate increases are predicted in the same time frame. We have conservatively modeled this new construction opportunity at a 5.49% cap rate with stabilized year 1 rents and net operating income at $740,956. Hard to find better returns in any other stable and performing asset classes in the Phoenix market today.
• New Construction Multifamily Attached Townhome Build-for-Rent Opportunity
• Establish significant pipeline with developer /builder in Phoenix Market.
• Homes will be finished & move in ready Q2 2022
• A mix of 2-, 3-, and 4-bedroom homes in an infill location
• Multiple exit strategies available
• Location is close to major arterial streets, freeways, and employment centers, approximately 7 miles south of downtown Phoenix
• Phoenix experienced a 12.1% YOY rent growthand is predicted to increase a further 11% in2021 and 8% in 2022 (JBREC)
• Phoenix realized a 23.7% YOY HPA (April2021) and is expected to realize 21% in 2021(JBREC)
• Estimated property vacancy rate of only2.89%
• Great opportunity to control lease-up andstabilize at a projected Year 1 5.34% cap rate
• 9.2% YOY Employment Growth
Contact:
Tom Johnston
SVN | SFRhub Advisors
Director of Brokerage Services
602.825.1780
tom.johnston@svn.com
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