7537 N 21st Ave., Phoenix, AZ 85021

Rosa Vista Manor offers an investor the opportunity to purchase an 11 unit garden-style apartment community that has been repositioned and shows great pride of ownership. This single story property was built in 1961 with block construction and flat roofs. It has an attractive unit mix of spacious one and two bedroom floor plans that range in size from 750 to 950 square feet and include washer/dryer hook-ups, private storage units, carports, individual hot water heaters, fully appointed kitchens and large back yards. The majority of the units have been completely renovated with new ceramic tile and wood flooring, refinished cabinets, doors, new kitchen and bathroom fixtures and many new HVAC Units. The property is situated on approximately 0.86 acres and is extremely well landscaped with mature palms and shade trees. Community amenities include a newly renovated onsite, owned by owner laundry facility and a large attractive courtyard with a sparkling swimming pool. Rosa Vista Manor is located one mile north of Christown Spectrum Mall, a 1.1 million square foot retail power center which features 90 shops including seven anchor tenants consisting of Big 5 Sporting goods, Costco Wholesale, Harkins Theatre, JC Penny, PetSmart, Target, and Walmart Supercenter. This provides residents with a large employment base including many retail and entertainment venues. The Valley Metro Light Rail is currently being extended north on 19th Avenue to Dunlap Avenue. When the extension is complete in 2015 it will provide residents with affordable transportation to downtown Phoenix, Tempe and Mesa. In addition, the subject property is in proximity to many top schools including Orangewood Elementary School, Westwind Middle School, Washington High School, as well as the Art Institute of Phoenix and the Phoenix Day School for the Deaf. Furthermore, residents enjoy easy access to Interstate 17 which offers a major transportation lifeline throughout the valley. With the improving submarket fundamentals and the metro Phoenix markets continual improvement and recovery Rosa Vista Manor is well positioned to achieve increases in revenue while concessions will continue to decline. Additionally, rental increases of $50 per unit are achievable by adding washer/dryers.