Project Type: 51 - 99 Units

Construction: Wood Frame

Const - Finish: Painted; Stucco

Roofing: Rolled

Floors: Ceramic Tile

Sale Includes: Land & Building; Pool Equipment

Community Features: Pool; Manager Res/Office; Play Area; Barbecue

Exterior Amenities: Landscape Water System; Green Landscaping; Patio/Balcony; Security Light(s)

Interior Features: Fire Sprinklers; Vertical Blinds; Mini Blinds

Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave

Heating: Individual

Cooling: Individual

Water Source: City Franchise; Master Meter

Sewer: Sewer - Public

Electric: APS; Individual Meter

Gas: SW Gas; Master Meter

Parking Features: Carport; >1 Space Per Unit; Paved

Road Surface Type: Asphalt

Owner Pays: Water; Gas; Trash Collection; Landscaping; Pool Maintenance

Tenant Pays: Electricity

Source of Fincl Data: Owner

Existing 1st Loan: Treat as Free&Clear

Existing 1st Loan Type: Not Applicable

Existing 1st Loan Terms: Not Applicable

Existing 2nd Loan: Treat as Free&Clear

Existing 2nd Loan Type: Not Applicable

Existing 2nd Loan Terms: Not Applicable

Existing 3rd Loan: Treat as Free&Clear

Existing 3rd Loan Type: Not Applicable

Existing 3rd Loan Terms: Not Applicable

Existing Othr Ln Trm: Not Applicable

New Financing: Conventional

Environmental: None

The property has a unit mix consisting of all one bedroom floor plans that average approximately 534 square feet and are extremely well designed. Interior unit features include fully appointed kitchens with electric appliances and dishwashers, ceramic tile flooring, ample closet space, dual pane windows, vertical and mini blinds, ceiling fans and private balconies/patios. Monte Vista Gardens is situated on a large lot of approximately 2.22 acres and is attractively landscaped with mature trees and low water use plants. Additional community amenities include a large sparkling swimming pool, an on-site rental office, children's playground, two picnic areas, a spacious laundry facility and covered parking. Monte Vista Gardens offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location priced at a fraction of replacement cost. In the third quarter of 2014, the submarket rents averaged $0.98 per square foot and have increased by 7% over the past year. Additional revenue enhancement could be achieved by implementing a RUBS system in which residents are billed back for their water usage which will further reduce the property's already minimal utility expenses. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Monte Vista Gardens is well positioned to achieve continual revenue increase.