PROPERTY HIGHLIGHTS

  • Core North Tempe Location
  • Fully Renovated Turn-Key Investment
  • Excellent Street Exposure on Two Major Arterial Streets
  • New Financing Available

172 Units

100%

Renovated Interiors

 

814 Average SF

$3.6M

CapEx

THE REV offers a unique opportunity to acquire a premier rental community in the highly desirable North Tempe submarket. The Rev presents clear cut advantages over its submarket competitors including its block and concrete construction, fully renovated apartment homes with floor-to-ceiling windows, and resort quality community amenity package.

DYNAMIC WALKABLE SITE LOCATION

Dual street exposure on Rural Road and Southern Avenue. Direct access to the area's surrounding demand generators. US 60 freeway just blocks from the property.

GARDEN-STYLE CONSTRUCTION

1972-vintage community consists of well-designed studio, one-, and two-bedroom units. Two-story construction with multiple semi-private courtyards.

CAPITAL IMPROVEMENTS

Current ownership has improved The Rev with a total capital infusion of over $3.6M from 2017-2019.

MASTER-METERED

The community has a central HVAC system for both AC and heat and boiler system for domestic water.

FREEWAY / METRO LIGHT RAIL ACCESS

The Rev offers immediate access to the Metro Freeway system via US 60 and is located three miles from the Valley Metro Light Rail.

FINANCING

The asset is offered free and clear with 100% flexibility for new debt financing.

THE ASSET

UNIT AMENITIES

  • Floor to Ceiling Windows
  • Vaulted Ceilings
  • Stainless-Steel Appliances*
  • Wood-Inspired Plank Floors*
  • Faux Granite Countertops*
  • Washer / Dryer*
  • Dual-Pane Windows and Sliding Doors*
  • Separate Dining Area / Room
  • Private Balcony / Patio

*Select Units

COMMUNITY AMENITIES

  • Large, Central Diving Pool and Spa with Extensive Seating Areas
  • Gas Fire Pit
  • Modern Leasing Office
  • State-of-the Art Fitness Center
  • Laundry Facility
  • Gas Barbecue Grills
  • Serene Courtyards
  • Mature Landscaping
  • Covered Parking

NUMBER OF UNITS............. 172

YEAR BUILT.......................... 1972

PARCEL #............................. 133-54-721A, 133-54-809A

TYPE OF BUILDINGS........... 16 Two-Story

METERING........................... Master

AVERAGE SF........................ 772

TOTAL SF............................. 132,800

DENSITY.............................. 16.41 Units / Acre

DEFINED ACREAGE............ 10.48

HVAC................................... Chiller / Boiler

HOT WATER......................... Boiler

EXTERIOR............................ Block / Concrete

ROOF.................................... Tile & Built-Up

COVERED PARKING............ 170

OPEN PARKING................... 109

STUDIO | ONE BATHROOM 495 SQUARE FEET

ONE BEDROOM | ONE BATHROOM

680 SQUARE FEET

TWO BEDROOM | TWO BATHROOM

959 SQUARE FEET

LOCATION

INVESTMENT ADVISORS

RIC HOLWAY

Senior Managing Director

602.912.1633

Ric.Holway@berkadia.com

mark forrester

Senior Managing Director

602.912.1630

Mark.Forrester@berkadia.com

DAN CHEYNE

Senior Director

602.522.5212

Dan.Cheyne@berkadia.com

PHOENIX OFFICE

2525 E. Camelback Road

Suite 1150

Phoenix, AZ 85016

Phone: 602.955.1122 | Fax: 602.955.9611

Berkadia.com

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