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Plaza 550

Located in the Encanto neighborhood of Phoenix, Arizona, this 92 Unit apartment community was built in 1973 on 5 acres of land. With 92 one bedroom units available, Plaza 550 is in a prime location in a burgeoning area of Phoenix with condominium buildings close by and the Phoenix Country Club right across 7th street. 

The Property

The Deal

Purchase Price: $11,800,000

Number of Units: 92

Price Per Door: $128,261

Average Rent: $925

The Value Add

Interior renovation planned for all units including new appliances, granite countertops, and flooring. The outside of complex will be fixed with new paints, update of the pool area and common areas. Increase rents $100 to $250 over three years to increase overall value of property.