Union @ Roosevelt
Upon completion, Union @ Roosevelt will be a 185-unit multifamily property in the burgeoning Roosevelt Row submarket of Phoenix. The property is within steps of the local rail line, providing unparalleled access to the greater metro area, and is located within a “Top 10 Arts District,” according to USA Today. Phase I consists of 80 apartment units and is already built and stabilized.
The second phase will add 105 residential units and a host of new amenity spaces, which will provide some much-needed supplemental amenities for the Phase I units. The existing property will anchor the investment and provide stability in cash flow as Phase II is built, while the additional development will allow for compliance with the current Opportunity Zone requirements for the entire project. There is also opportunity to achieve operating efficiencies between the two buildings, and provide meaningful upside in rental rates and other income as the existing phase has historically been operated by a team who has limited management and leasing experience.
Key Deal Points
The property is within steps of the local rail line, providing unparalleled access to the greater metro area, and is located within the trendy Roosevelt Row submarket of Phoenix, a “Top 10 Arts District,” according to USA Today.
The existing 80-unit property was built in 2017 with high quality standards, anchoring the Phase II investment and providing stability in cash flow during construction. The additional development will allow for compliance with Opportunity Zone requirements and provide strong upside potential.
The area is experiencing exacerbated growth, fueled by the expansion of nearby universities and various projects underway within a half-mile radius of the property. These projects will continue to fuel demand and provide residents with a unique amenity in downtown Phoenix.