Northern Greens Apartments DST
8150 North 61st Avenue | Glendale, AZ 85302
Down Payment:$9,450,000
Escrow Purchase Price:$21,200,000
- Loan Proceeds: $11,750,000
- Loan-to-Value: 55.4%
RK is a performance-driven company that has strived for excellence over the long term.
•Number of Properties Acquired(since 1976): 139
•Properties Gone Full Cycle: 118
•Average Hold Period: 6.3 Years
•RK’s historical track record is setforth in the Memorandum
NORTHERN GREENS APARTMENTS
Northern Greens is located in Glendale, Arizona on 61st Ave and Northern Ave.The area is a mix of single family homes, multifamily projects, and commercial/industrial developments with a middle income profile. The property benefits from its location just off 59th Ave which is a major north south corridor and Highway US 60, a major manufacturing and warehousing employment corridor
INVESTMENT HIGHLIGHTS
Capital Improvements and Business Plan
Immediately upon closing, RK Properties will implement a property improvement program and an aggressive marketing campaign. Due to the minimal rehab required at the property, the primary focus of the business plan will be to strengthen operations and improve rents by repositioning the tenant base. Additionally, the property is in close proximity to other RK properties and by collaborating with other RK assets which offer different styles of product and price points, Northern Greens will receive a high volume of traffic from potential tenants looking for a different product.Improvements to the property will include new exterior paint to portions of the buildings that require it, upgraded signage and roof repairs.
Location Description: Phoenix, Arizona
Northern Greens is located in Glendale, Arizona on 61st Ave and Northern Ave.The area is a mix of single family homes, multifamily projects, and commercial/industrial developments with a middle income profile. The property benefits from its location just off 59th Ave which is a major north south corridor and Highway US 60, a major manufacturing and warehousing employment corridor. The property is located near several employment drivers such as Northern Crossing Shopping Center which includes a Lowes, PetSmart, Wells Fargo and Chase Banks and is also within 5 miles of the Glendale Sports and Entertainment District which Features an NFL Stadium and NHL arena. The property also benefits from close proximity to several educational institutions like Glendale Community College, Glendale High School and Glendale Elementary
INVESTMENT BENEFITS
Initial Minimum Investment – $300,000
Potential Distributions From Net Cash Flow Paid Monthly
Potential Capital Appreciation
Pass Through of Tax Benefits For Tax Deferred Distributions
Preferred Annual Return
Anticipated Hold Period 6-8 Years
PROPERTY OVERVIEW
NORTHERN GREENS APARTMENTS
420 Units Built In 1988 And Completely Rehabbed In 2007-2010
Class B REO Asset With Value-Add Opportunity
Originally Sold For $27.1 Million In 2006 ($64,523 Per Unit)
$10,000 Per Unit In Completed Renovations
Interior Upgrades Included New Cabinets, Appliances,Flooring, Fixtures And Two Tone Paint
Purchase Price Of $21.2 Million ($50,476 Per Unit)
ABOUT RK PROPERTIES
Having been exclusively in the apartment investment business since 1976, RK Properties finds itself without many peers. The key to our success is that we have created a specialized market niche and filled it well for decades.When I first started buying apartment buildings,in the mid-70’s, friends and business associates who saw the rewards often said, “Next time,please count me in.” Today, I am still working with the same philosophy and many of the same supporters. I look for something special where I know we can add value and own a property worthy of both pride and profit. By now, our investor base has grown to more than 3,500 clients and in the multi-family arena of real estate, you can be assured that RK Properties will continue to lead the way in providing viable investment opportunities for a long time to come.