Aero Phoenix

2539-2547 North 48th St, Phoenix, AZ 85008
Strategy: Mark-to-Market
Status: Current
Purchase Price: $4,850,000
Acquisition Date: 02/25/2022
Units: 21
Off-Market

Aero Phoenix is a 21-unit apartment building located off of 48th St in East Phoenix, minutes away from trendy Arcadia Lite and Old Town Scottsdale Neighborhoods—with great proximity to major amenities and economic centers including the Camelback Corridor. The unit-mix consists of 20 large one-bedroom/one-bathroom units, and one converted studio unit.

Aero Phoenix represents a unique opportunity to acquire an off-market and undermanaged property at an attractive basis with minimal execution risk. Prior ownership was an individual investor who purchased the property in 2020 and completed a full renovation of the exterior and unit interiors. After a previous buyer had been engaged but failed to execute on the transaction, the seller valued a reputable buyer like Breneman Capital more so than re-marketing and going through a tenuous bidding process.

The property should benefit immediately from enhanced leasing and management – pushing rents in line with the market and stabilizing occupancy in conjunction with tailwinds from the strong fundamentals of the Phoenix housing market.