1621 W Denton Ln Phoenix, AZ 85015

Listing details for 1621 W Denton Ln, Phoenix, AZ 85015 : Sun Ray is a 28-unit garden-style apartment community located in a desirable north/central Phoenix neighborhood. Built in 1964, the property is made of block construction with pitched tile roofs and is individually-metered for electricity. The unit mix consists of one and two-bedroom floor plans that are extremely spacious and well designed and average approximately 855 square feet. Interior unit features include fully appointed kitchens with electric appliances, dishwashers, ceramic tile flooring, ceramic tile shower surrounds, walk-in closets, vertical blinds, ceiling fans and private back patios in the majority of the two bedroom units. The property is situated on approximately 0.88 acres and is landscaped with low water use shrubs and mature shade trees. Community amenities include a large sparkling swimming pool, laundry facility, exterior lighting, covered parking and barbeques. Sun Ray offers an investor the opportunity to acquire a garden-style apartment community located in a strong north/central Phoenix submarket with stabilized in-place yield. Over the last year, the north/central Phoenix submarket average occupancy increased by 520 basis points, four and half times more than the metropolitan Phoenix average. Furthermore, the average submarket rent has increased by 7% over the same time period. With the improving submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Sun Ray is well positioned to achieve continual increases in revenue.