Parkside Palms Apartments 109 E Brinker Dr 55 Unit Apartment Building $11,573,289 CAD ($210,423 CAD/Unit) 7.08% Cap Rate Avondale, AZ 85323

Parkside Palms is a 55-unit apartment community located in the heart of Avondale, AZ. This low-density community is situated on over 4 acres on 3 separate parcels and consists of all single-story majority 2 and 3 bedroom units and is individually metered for electricity. Parkside Palms presents a rare opportunity to acquire a value-add asset in one of the West Valley’s fastest-growing submarkets, driven by significant employment growth from large-scale industrial distribution facilities and the expanding health tech corridor in Avondale.

Current ownership has owned and self-managed the property since 2017 and has kept the property consistently 100% occupied at below market rents with long-term tenants that are on month-to-month leases. With interior upgrades and the addition of in-unit washer/dryer, $150-$250 rent premiums are achievable for the property as the units are in classic condition yet have modern systems such as individual HVAC units, copper plumbing and 100amp electric service to each unit. Strategic Exterior Capital improvements to Parkside Palms’ 4 acres of land will significantly enhance tent attraction and retention by enhancing the curb appeal while providing additional tenant amenities, subsequently leading to new ownership achieving significant rental premiums coupled with low operating expenses moving forward. The single-story building layouts and low-density community allow for the addition of large front/back patios along with multiple tenant amenities.

With multiple schools ranging from elementary to high school within walking distance, Parkside Palms holds a significant advantage over competing properties in both tenant attraction and retention. Properties within walking distance of schools historically boast higher occupancy and rental rates with lower turnover rates, leading to elevated returns for ownership. Saint John Vianney Catholic School is just a one-minute walk from Parkside Palms and provides a tremendous benefit to the neighborhood by providing Pre-k through 8th grade education, after school programs and community outreach programs. Directly north of St. John Vianney School is Eliseo Felix Elementary providing public school to the residents of Parkside Palms. To the east of Parkside Palms and within a 3-minute walk of the community is Agua Fria High School. Avondale is a tight knit community with its residents spanning multiple generations going to the schools K-12, seeking higher education and making their way back to the Avondale community.

One mile directly west of Parkside Palms lie some of the largest industrial employers in Metro Phoenix. Several million square feet of industrial warehouses that employ thousands of jobs include Amazon, UPS, FedEx and Chewy. This employment base serves as an anchor for the Avondale community and the residents of Parkside Palms.