Lofts on 3rd

1401 N 3rd Street, Phoenix, AZ 85004
Strategy: Levered Core
Status: Current
Purchase Price: $9,000,000
Acquisition Date: 07/20/2022
Units: 29
1031 Tax-Deferred Exchange

Lofts on 3rd was recently renovated in 2019 and consists of 14 1x1 units, 14 2x2, units (twelve of which are loft style), and one penthouse unit. The property is located just north of I-10, near the heart of downtown Phoenix. Just a 5-10 minute walk south is Roosevelt Row, which has blossomed into one of the Phoenix MSA’s best nightlife districts.

Lofts on 3rd has seen significant revitalization in recent years with 100% of the units have been renovated with modern finishes and in-unit washer/dryers—in addition to significant improvements to address amenities, deferred maintenance, and curb appeal. The property stands to benefit even further from enhanced property management and leasing.

The acquisition is a 1031 tax-deferred exchange of an asset that Breneman Capital sold recently in combination with additional 1031 funds from another Breneman Capital investor.