Echelon

Investment Overview

Echelon presents a compelling value-add multifamily acquisition opportunity; a 124-unit community located at 4301 N. 24th Street in Phoenix, immediately proximate to the 24th street and Camelback Road intersection. The property offers a broad studio to three-bedroom unit mix and benefits from an established position in the Biltmore/Camelback Corridor, a supply-constrained, high-profile infill submarket. The next investor can pursue a disciplined interior-renovation program that follows the same scope that ownership has implemented and can capture upwards of $250+ in rent premiums on future renovations. Current ownership has spent a significant amount of capital on maintenance including a heavy lift on the electrical and a new chiller system. The next ownership also has the ability to take the property to another level and could build out patios on the courtyard units to add additional value to the property. The location of Echelon is a core driver of the investment thesis. Echelon sits about a half mile away from Biltmore Fashion Park, an open-air luxury retail and dining destination that includes, Ralph Lauren, Life Time Fitness, The Capital Grill and many other upscale retailers and restaurants. The surrounding Camelback Corridor is a major corporate office concentration hosting 1000's of high paying jobs. Beyond near-term rental growth, Echelon may offer a longer-duration covered land or redevelopment optionality thesis given its infill location near one of metropolitan Phoenix's premier intersections. This should be treated as upside not base case value until the buyer confirms any redevelopment constraints through formal diligence. The next purchaser could benefit from both a cash flowing value add apartment strategy today and the strategic flexibility of controlling land in a highly desirable Camelback Corridor location.