Gateway on Apache
Class-A Luxury Student Housing Community
| Pat Tate / Drew Tate (512) 474-8283 |  |
Gateway on Apache Class-A Luxury Student Housing Community
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| Commercial & Exchange - Basic Features | |||||
| List Price: | $500,000 min. purch. | Units: | 400 | Type: | Student Apartment |
 | 2323 East Apache Boulevard Tempe, AZ 85281 |
MLS#: | Gateway | Status: | Active |
| Equity Investment: | $21,236,826 | Year Built: | 2001 | ||
| Occupancy: | 92.4% | Cash-on-Cash: | 5.5% (Yr. 1 Approx.) | 5 Yr. Avg. Yield: | 6.5% (Approx.) |
| Feature Details | |||||
| CAP Rate: | 6.34% | ||||
| Additional Information |
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This is a representative offering for investors or 1031 exchange clients. This particular property is closed, but new opportunities are available from time to time. Situated along the south side of Apache Boulevard, giving it frontage along the under-construction METRO Light Rail Line, which will provide transportation to the nearby Arizona State University (“ASU”) campus as well as downtown Phoenix. With over 55,000 students and on-campus housing that is 100% occupied, ASU continues to put demands on the housing market. ASU is expected to see growth in the coming years as enrollment is estimated to grow to 90,000 by 2020. Property common area amenities includes resort-style pools with spa and clubhouse, 24-hour fitness center, sand volleyball court, picnic area with grills, study/business center with fax, copier, computer and Internet, bike racks, roommate-matching program and 24-hour emergency maintenance. Individual apartment home amenities include individual leases, fully-equipped kitchens, full-sized washers/dryers, ceiling fans, built-in bookshelves and desks, high-speed Internet access, patios and balconies, walk-in closets, breakfast bars, garden tubs, multiple phone and cable outlets, exterior storage, gated entry, covered parking, alarm systems and included utilities (sewer and garbage). Offered as a fractional deed co-ownership opportunity with a minimum investment of $500,000. Qualifies for 1031 Exchange or new money investment. For additional property information Click Here. (Call or email for password first.) Click Here to learn more about Fractional Deed Co-Ownership. (Call or email for password first.) |
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