Financials upon request. ARA is pleased to announce the availability of Mirage Apartments, a rare Mid Century Modern Opportunity in an A+ class location. The single story community has tremendous frontage and drive-by visibility on the northeast corner of Maryland Avenue and 10th Street. This vibrant infill location is embedded within an area experiencing millions of dollars in gentrification efforts and a residential revival that has led to unprecedented rental and single family demand. Nearby buildings have undergone the adaptive reuse transformation creating new local hotspots now serving as neighborhood eateries and nightlife destinations. This unique transformation has resulted in large numbers of visitors from outside the neighborhood arriving as consumers and subsequently moving to the area as residents. The most prevalent of these restaurant redevelopments is The Yard which is within 1 block of the Mirage. The Yard, a 53,000 SF redevelopment of a former motorcycle dealership by Fox Restaurant Concepts now contains destination 3 restaurants: Culinary Dropout, Little Cleo's Seafood Legend, and Barrio Urbano. This neighborhood hotspot is packed on a daily and nightly basis offering complimentary valet, live music, food, drinks, free photo booth, ping pong, giant jenga, foosball, corn hole, picnic tables, fire pits, and dining areas both in and outdoors. Other restaurant hotspots in the neighborhood of Mirage are The Vig Uptown, Moto Sushi, Richardson's, Z' Tejas, Luci's Marketplace, Spinato's. Mirage is ideally nestled between the 2 major employment corridors, the Central Business Corridor and the Camelback Corridor, both of which lie within 5 minutes of the community. These employment centers hosts a dynamic mix of premier office, high end retail and hospitality development serving as a focal point for business and entertainment activity in Phoenix highlighted by the Biltmore Resort & Golf Course and Biltmore Fashion Park. Furthermore, Mirage is within the Madison School District, the top rated school district in Phoenix and is directly across the street from Madison Traditional Academy which opened in 2011. Mirage carries a lot of character and history as evidenced in old photos of the community from the late 60's and early 70's showing the pool and shuffleboard court being enjoyed by its senior residents (see top left picture). A local design firm MoD a+p has worked hand in hand with investors to transform these Mid Century Modern communities and is available to assist new ownership with the exterior redesign of Mirage to bring it to its ultimate potential. In addition to an exterior redesign, the low density nature of the property offers the opportunity to add not only patios but large private backyards as the majority of the units have dual entrances and abundant, open outdoor space. The single story community was built in 1969 and consists of 4 buildings centered around the courtyard and pool. Additional community amenities include a vintage shuffleboard court, individual storage lockers and covered parking. Mirage boasts a great unit mix of 1, 2 and 3 bedroom units and is individually metered with individual roof mounted AC's. Current ownership has fully remodeled 3 of the units generating $300-$400 per unit in monthly rent premiums. Remodels include a modern tile, granite countertops, modern white cabinets, stainless steel appliances, stackable energy efficient washer & dryers, tiled showers, new vanities, brushed nickel hardware and fixtures, and breakfast bar and large pantries. 9 of the units have been partially remodeled and rents increased $100-$150 above previous rent levels. The remaining 3 units are original 1960 vintage condition. Based on Mirage's positioning within the competitive landscape of the submarket, the subject property is a prime candidate for the continued implementation of an apartment interior renovation program and exterior redesign program. Several investors in the immediate neighborhood have successfully turned their mid-century built properties into top notch high demand communities. The Mid Century design has seen a renaissance in the past few years, specifically in the urban neighborhoods of Central Phoenix where millennials are flocking in search of convenience and vibrancy of city life coupled with the sense of community. The unique mix of subtle fresh features with bold design and colors, emphasis on straight lines in an urban location has driven renters away from the cookie cutter feel of the larger apartment complexes. These boutique communities provide a modern community rich feel without sacrificing style and comfort. Mirage offers an investor the rare opportunity to purchase a single story Mid-Century Modern Opportunity that is located in the highest demand rental neighborhoods in Central Phoenix.
Listing courtesy of Apartment Realty Advisors of A.
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