Project Type: 51 - 99 Units

Construction: Block

Const - Finish: Painted

Roofing: Composition

Floors: Wood; Ceramic Tile

Sale Includes: Land & Building

Community Features: Pool

Exterior Amenities: Fenced; Patio/Balcony; Security Light(s)

Interior Features: Other (See Remarks)

Appliances Included: Free-Standing Range; Dishwasher; Microwave

Heating: Central

Cooling: Chiller System

Water Source: City Franchise

Sewer: Sewer - Public

Electric: Master Meter

Gas: Master Meter

Parking Features: Carport; Paved

Road Surface Type: Asphalt

Owner Pays: Water; Electric; Gas

Tenant Pays: None

Source of Fincl Data: Owner

Existing 1st Loan: Conventional

Existing 1st Loan Type: Fixed

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 unit mix is composed of studio, one and two bedroom floor plans that are spacious and very well designed and range in size from 329 to 910 square feet. The units have been completely renovated with exposed ceramic tile and faux wood vinyl flooring, new contemporary cabinetry with brushed nickel hardware, granite countertops, full-size appliances with glass-top stove, modern bathroom vanities, thermostats, LED lighting fixtures, low flow toilets, interior doors, and new ceiling fans. The property is situated on approximately 1.36 acres and has attractive low-water use landscaping with mature shade trees and desert plants. Exterior renovations include two-toned paint and trim, new chiller tower with a 6 panel solar system dedicated to the chiller, LED exterior light fixtures, an attractive monument sign, dual pane, energy efficient windows, parking lot re-seal and stripe, resurfaced, dual-drain swimming pool with new pool equipment, unit entry doors, and security gates and fencing. Canberra offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location priced below replacement cost. In the fourth quarter of 2015, the submarket rents averaged $1.23 per square foot, 21% greater than the metropolitan Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Canberra is well positioned to achieve continual revenue increase.