PUESTA DEL SOLA 128 Unit Multifamily Community

FOR SALE

Puesta Del Sol | Kidder Mathews

THE OFFERING

Built in 1986 The Puesta del Sol multifamily community is comprised of wood frame construction with stucco exterior, composite shingled pitched roofs and is individually metered for electricity. This striking multi-residential community consists of (2) three-story garden style buildings that each feature attractive courtyards with sustainable synthetic grass areas, two swimming pool, and ample outdoor barbecues and picnic areas for residents to enjoy. The current ownership has recently completed an extensive capital renovation to the community which included updated landscaping, new flooring, appliances, exterior paint, and numerous new cabinets and countertops.

Surrounded by new, emerging and well established single-family neighborhoods, Puesta del Sol is situated within blocks of an Elementary School, a YMCA, a local golf course, and the entrance to South Mountain State Park/Preserve, the largest municipal park in the country with over 16,000 acres and topping 2,300 feet at its highest point. The South Mountain Park preserve includes 51 miles of trails for horseback riding, hiking and mountain biking, as well as stunning panoramic views of the city skyline and surrounding desert. The South Mountain Village has retained the flavor of its rural roots while providing residents easy access to Phoenix’s major employment hubs, entertainment centers, shopping and sports venues, and much more. The area offers a perfect mix of natural landscape, urban agriculture and neighborly atmosphere where shopping and entertainment are close at hand and farm-to-table restaurants provide residents an escape from the rush of daily life. Active families and outdoor enthusiasts will enjoy the countless recreational opportunities that living tucked into South Mountain Park offers.

Over the past 36 months, extraordinary single family residential construction along with business and job growth has been the catalyst for the renaissance of the South Mountain Village and Phoenix Baseline Road corridor attracting young family and first-time home buyer interest to reside in a quiet and picturesque residential environment. This progressive economic growth has produced historically low vacancy rates along with increasing rental rates, eclipsing the market highs realized in 2006 and 2007. As a result, the advantageous rental demand and supply dynamic substantiated within the greater Phoenix area and the South Mountain Village has given rise to extraordinary occupancy, rental and value appreciation.

Executive Summary

PUESTA DEL SOL

128 UNITS 61,975 RSF BUILT 1986

Marketing Price $9,250,000

Price Per Unit $72,266

Price Per Sq. Ft. $149.25

Cap Rate Actual 6.50%

Cap Rate Proforma 6.65%

VALUATION SNAPSHOT

Chandler

Gilbert

MesaTempe

Phoenix

Scottsdale

Glendale

Northern Pkwy

CAMELBACKEAST VILLAGEMARYVALE

VILLAGE

ESTRELLAVILLAGE

SOUTHMOUNTAIN

VILLAGE

NORTHMOUNTAIN

ALHAMBRA

PARADISEVALLEY VILLAGE

Fountain Hills

Tolleson

Goodyear

Litchfield Park

ENCANTO

AHWATUKEEFOOTHILLS

VILLAGE

Komatke

Sun City West

Surprise

BumsteadWaddell

DESERT VIEW

DESERT RIDGE

Guadalupe

NORTH SCOTTSDALE

FORT MCDOWELLYAVAPAI NATIONRESERVATION

Fort McDowell

PINNACLE PEAK

TROON NORTH

DC RANCH

KIERLAND

GAINEY RANCH

MCCORMICKRANCH

CENTRAL CITY

VAL VISTA LAKESDOBSON RANCH

Phoenix-MesaGateway Airport

LAVEEN VILLAGE

ParadiseValley

ARROWHEADRANCH

DEER VALLEY

NORTERRA

Sun City

EstrellaMountain

Regional Park

PhoenixMountainsPreserve

PhoenixSonoran Desert

Preserve Peoria

RegionalPreserve

McDowellMountain

Regional Park

Rio Verde

UseryMountain

Regional Park

SUPERSTITIONSPRINGS

South Mountain Park

Arizona StateUniversity,

TempeCampus

Papago Park

PUESTA DEL SOL

S Central A

ve

PROPERTY HIGHLIGHTS

Desirable unit mix

Excellent accessibility & location

Supply constrained multifamily submarket

Minutes to major employment

Convenient resident amenities

Seamless lease fulfilment for new residents

Environmentally conscience community

PROPERTY SUMMARY

Property Address 8818 S. Central Avenue, Phoenix, AZ 85040

Units 128

Stories Three (3)

# of Buildings Two (2)

APN 300-45-224, 225B, 225C

Rentable SF 61,975

Land Size 3.25 AC (+/-141,745 SF)

Density 39.38 units per acre

Year Built 1986

Construction Wood Frame

Parking 140 Spaces

Laundry 2 onsite laundry facilities

ZoningR-5, Multi-Family Residential, City of Phoenix

Puesta Del Sol | Kidder Mathews

Unit Amenities

UNIT FEATURES

u High speed internet access

u Tile and vinyl flooring

u Walk-in closets

u Accent walls

u New sustainable counter tops and cabinets

u New refrigerator and oven/range in some units

u Update HVAC systems in some units

u Island kitchen with granite countertops in some units

u Stainless steel sink with water efficient faucets

u Dual pane windows

u Tub/shower with water efficient showerheads

u Updated interior lighting

UNIT MIX

TYPE UNITS % SF

Studio 17 13.3% 300 SF

1 BD / 1 BA 81 63.3% 450 SF

2 BD / 1 BA 30 23.4% 675 SF

TOTAL 128 100% 61,975 SF

Puesta Del Sol | Kidder Mathews

Exterior Photos

PROPERTY AMENITIES

u Two swimming pools

u Two laundry facilities

u Professional leasing office

u Shaded children’s playground

u Mini-soccer field

u Community gas BBQ grills

u Business center with coffee bar

u Picnic areas

u Gated/controlled access

u Synthetic grassy areas

u Private Drive Entrance

u Scenic Mountain Views

Karl Abert Senior Vice Presidentkabert@kiddermathews.comD. 602.513.5107 C. 602.717.8070 kiddermathews.com www.puestadelsoloffering.com

This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this marketing package has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

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South Mountain Park

SOUTH MOUNTAIN COMMUNITY COLLEGE

AmericasDrive•In

PUESTA DEL SOL

VISTAL RESIDENTIAL DEVELOPMENT