The Arizona 52 Units
The Brennan Pohle Group with our partners looked to acquire this 52 unit Class C property and turn into a B property with approximately $550,000 in renovation $10,000/Door. After offering on the property and going through further analysis, our group decided not to acquire this property as it did not pass our underwriting standards for proper investor returns and risk.
First Avenue is a 52-unit, garden-style apartment community located in a desirable downtown Mesa neighborhood. The property is situated at the corner of First Avenue and Date, just south of the Metro Light Rail on Main Street. Built in 1980 the property is made of wood frame and stucco construction with built-up/pitched composition shingle roofs, and is individually-metered for electricity. The community has an excellent unit mix consisting of 8 one-bedrooms and 44 two-bedroom/one bath foor plans that are spacious, well designed and average approximately 692 square feet.