Aspire Preserve 1452 E Cinnabar Ave 27 Unit Apartment Building $6,169,658 CAD ($228,506 CAD/Unit) 6.01% Cap Rate Phoenix, AZ 85020

Aspire Preserve is a 27-unit, gated community of one- and two-story homes located adjacent to the North Mountain Preserve trail system in a quiet North Phoenix neighborhood. The property benefits from strong competitive shelter, as the surrounding protected open space and established low-density neighborhoods create a permanent barrier to new multifamily development, supporting long-term occupancy and rent stability. The North Mountain Preserve offers over 20 miles of hiking, biking, and horseback riding trails, along with scenic peaks and panoramic city views, providing residents with a highly desirable outdoor-oriented lifestyle. The community features a diverse mix of studio, one-, two-, and three-bedroom floorplans to accommodate a wide range of renter profiles. Strategically positioned within a 5–10-minute drive of the North Central Uptown and Biltmore/Camelback corridors, residents enjoy convenient access to major employment centers, retail, and dining, while also benefiting from the quiet, serene setting offered by the adjacent North Mountain Preserve.

Current ownership has completed a comprehensive exterior capital improvement program designed to enhance curb appeal, improve functionality, and reduce near-term capital expenditure requirements. Completed improvements include a modern two-tone exterior paint scheme, parking lot pave and stripe, installation of a new modern mailbox with a poured concrete pad, window shade screens, site-wide lighting upgrades, and the addition of pet waste stations throughout the community. In addition, ownership has executed a bulk air-conditioning replacement program, with 10 units receiving new HVAC systems. These exterior and mechanical improvements materially reduce deferred maintenance, support tenant retention, and position the asset for stable operations under new ownership.

Current ownership has completed comprehensive interior renovations in 10 of the 27 units, featuring white shaker cabinetry, plank-style flooring, stainless steel appliance packages, matte black fixtures and hardware, and contemporary two-tone interior paint schemes. In addition, in-unit stackable washer/dryers have been installed in 19 of the 27 units, further enhancing resident convenience and rental appeal.

The remaining 17 units are in classic condition but benefit from modern building systems, including copper plumbing supply lines, ABS sewer lines, and individually metered 100-amp electrical service to each unit—providing a strong foundation for efficient renovation execution and reduced capital risk.
A new owner has a clear and defined path to unlock additional rental upside by renovating the remaining classic units with the following improvements:

• New shaker or refaced cabinet doors
• Quartz or other hard-surface countertops
• Modern laminate flooring or stained concrete floors
• Stainless steel appliance packages
• Matte black or brushed steel hardware and fixtures
• Contemporary gooseneck faucets with undermount sinks
• Upgraded bathroom vanities with quartz countertops and subway tile surrounds
• Installation of in-unit stackable washer/dryers (only 8 units remaining)

These interior upgrades are expected to position renovated units competitively within the submarket while driving incremental rent growth and improving overall asset quality.