1241 E Thomas Rd., Phoenix, AZ 85014

28 on Thomas is a 27-unit garden-style apartment community located in a highly desirable central Phoenix location that was completely renovated and repositioned in 2015 with premium finishes. The property is made of block construction with new pitched composition shingle roofs and is individually-metered for electricity. The unit mix is comprised of a studio, one and two bedroom floor plans that are spacious, well designed and range in size from 525 to 1,075 square feet. The units have been completely renovated with exposed polished concrete and 24" porcelain tile flooring, new contemporary cabinetry with brushed nickel hardware, granite countertops, full-size appliances, ceramic tile shower surrounds with new brushed nickel fixtures, modern bathroom vanities, brushed-nickel light fixtures and new mini blinds. The property is situated on approximately 0.9 acres and has attractive landscaping with lush turf, mature shade trees and low maintenance desert plants. Exterior renovations include a two-toned paint scheme, an attractive monument sign with high visibility on Thomas Road, dual pane, energy efficient windows, professionally designed landscaping, unit entry doors, upgraded lighting and all new HVAC units. 28 on Thomas offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic central Phoenix location priced below replacement cost. In the third quarter of 2015, the submarket rents averaged $1.18 per square foot, 16% greater than the metropolitan Phoenix average. Furthermore, the average submarket vacancy decreased by 222 basis points in the 3rd quarter, significantly greater than the metro Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, 28 on Thomas is well positioned to achieve continual revenue increase.