Casa Blanca Apartments 2520 W Mclellan Blvd 81 Unit Apartment Building $9,872,005 CAD ($121,877 CAD/Unit) 7.19% Cap Rate Phoenix, AZ 85017

Matthews™ is pleased to present the Casa Blanca Apartments, an 81-unit, affordable housing community located in Phoenix, AZ. Originally built in 1972, this asset features a favorable unit mix of majority two- and three-bedroom floorplans. Of the 81 units, there are (64) affordable units under a budget-based LIHPHRA provision, (16) Section 8 units covered by a HAP contract, and (1) conventional unit. In July 2025, all unit types received HUD approval for significant rent increases, enhancing the property’s income potential and long-term financial performance. The community consists of 8 buildings, each master metered for all utilities and
operated on a boiler/chiller system. Current ownership also manages the property and will consider seller-financing. Casa Blanca Apartments represents a rare valueadd opportunity to acquire a centrally located asset at a below-market cost basis, with significant opportunity for future upside.
Ideally situated along the I-17 corridor near Grand Canyon University—which boasts an enrollment exceeding 25,000 in-person students for the 2024–2025 academic year—the property benefits from strong surrounding demand drivers. Its central Phoenix location provides residents with convenient access to major employment centers, transportation routes, and a wide array of urban amenities. This connectivity enhances long-term occupancy stability and reinforces Casa Blanca’s position as a key affordable housing provider in one of the fastest-growing markets in the country.
Broker of Record
David Harrington
License # CO701910000 (AZ)
Matthews Real Estate Investment Services, Inc
4110 N Scottsdale Rd Suite 100, Scottsdale, AZ 85251
(866) 889-0550