transit oriented development
offering memorandum
223 units | 4001 north central avenue | phoenix, Arizona
A 223-Unit Core Multi-Housing investment Opportunity
THE
OFFERING
PRICE
TERMS
OWNERSHIP
CONSTRUCTION
NUMBER OF UNITS
YEAR COMPLETED
AVERAGE UNIT SIZE (SF)
PARCEL SIZE
SITE DENSITY
MARKET
ALL CASH
FEE SIMPLE
WRAP
223
2019
±898
±2.65 Acres
±84.15 Units per Acre
OPPORTUNITY
At the cross-section of community and culture in the evolving, urban skyline of midtown Phoenix stands Alta Central, a 223-unit core multi-housing community featuring best-in-class amenities, irreplaceable city views, and walkability to two Valley METRO Light Rail stations. Alta Central presents a rare opportunity to acquire an asset with the perfect juxtaposition of work and entertainment in the heart of Arizona’s Innovation Corridor with immediate proximity to the largest concentration of white-collar professionals in the state and burgeoning lifestyle hotspots of uptown, midtown, and downtown Phoenix.
downtown PHX
±100,000 Employees
MIDTOWN PHX
±71,000 Employees
Coronado
Average Single Family Home Price
±$317,100
Encanto Palmcroft
±$647,500
±3,800 Employees
±1.7M SF
±5,030 Employees
Aerial oblique
South
1
2
3
4
5
6
7
8
9
10
Phoenix Sky Harbor International Airport
Chase Field
Arizona Public Service
Bank of America
Talking Stick Resort Arena
Arizona State University - Downtown Campus
Freeport McMoran
Quicken Loans
Wells Fargo
Comerica Theatre
SOurce: Maricopa Association of Governments, 2018dtphx.org, 2019
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11
12
14
15
16
17
18
19
20
13
Encanto Park
Park Central
Phoenix Country Club
CenturyLink
Banner Health, IBM, Deloittle, & AIG
Uhaul
Arizona Department of Economic Security
OH Partners
IRS
Ricoh USA
previous
Alta Central
Mobility ScoreCard
Where the Pulse of the City is Right Outside your Front Door
Alta central
phoenix msa average
Hover or select a number below to see location on map
connectivity
0.4 Miles
≤
3.5-Mile Radius
From Two Valley METRO Light Rail Stations
of 5 Freeways + Phoenix Sky Harbor International Airport
Opportune Location Along Expanding Valley METRO Light Rail Grants Alta Central Long-Term Competitive Advantage
Modern
midtown Transit
Occupying a commanding position between two Valley METRO Light Rail stations, Alta Central benefits from doorstep connectivity to the Indian School Road/Central Avenue + Osborn Road/Central Avenue light rail stops as well as outstanding access to the rapidly expanding freeway infrastructure of Greater Phoenix.
state route
51
interstate
us
60
PHX
±$106M
Total Daily Economic Impact
±1,200
Total Daily Arrivals + Departures
±57,000
Total Employees
±
$5.7
b
20-Year, 4-Phase Expansion Plan
Status
Planned
Distance from Alta Central: 6.6 Miles
Central avenue / camelback Road Transit Center
Indian school Road/Central Ave
Distance from property: 0.2 Miles
Osborn Road/ Central Ave
Distance from property: 0.4 Miles
Central Station Transit center
44th Street/ Washington Ave
Proposed
Total Miles
±5.5
Number of Stations
±9
Total Capital Investment
±$704.5M
Expected Completion
2023
South Central Expansion
Source: Valleymetro.org, 2019 Phoenix Business Journal, 2019
INNOVATIVE
ECONOMICS
$5.5B
Composed of midtown + downtown Phoenix, the Innovation Corridor offers Alta Central immediate access to a modern economic ecosystem featuring a growing number of innovative collaborative workspaces, high-tech startups, and established
national brands. Anchored by Central Avenue, the corridor boasts ±171,000 highly skilled professionals housed within ±1,700 high-profile companies including Dignity Health, Uhaul, Wells Fargo, Banner Health, and CenturyLink. Complementing the
progressive strides of the Innovation Corridor, the Camelback Corridor is composed of ±46,000 highly skilled employees housed within ±865 businesses, including several Fortune 500 companies such as Humana, Cisco Systems, and Charles Schwab.
In Recent Capital Investments Attracting over 400 Tech + Creative Companies
CAMELBACK
MIDTOWN
DOWNTOWN
Innovation Corridor
DOWNTOWN PHOENIX
MIDTOWN PHOENIX
CAMELBACK CORRIDOR
SAMPLE AREA EMPLOYERS
TOTAL OFFICE SQUARE FOOTAGE
TOTAL NUMBER OF BUSINESSES
Source: City of Phoenix Economic Development, 2019 Maricopa Association of governments, 2019
UPTOWN
Lifestyle
Corridor
Phoenix
46K
Employees
71K
100K
±11.4
M
±14.4
±7.9
171,000 Employees of Arizona’s Revolutionary Economic Core Enhanced by the Established Affluence of the Camelback Corridor
±670
±1,018
±865
Timeless Charm of the Highly Coveted, Historical Phoenix Residential Neighborhoods Propels Widening Affordability Gap
ICONIC
CENTRAL PHOENIX
LIVING
WILLO
encanto Palmcroft
f.q. story
PHX Country Club
CORONADO
ROOSEVELT
EVANS CHURCHILL
Source: dtphx.org, 2019
Single Family Home Price
Neighborhood Average
Source: zillow.com, trailing 6 months, 2019
±$835K
±$647K
±$588K
±$522K
±$471K
±$357K
±$317K
Phx Country Club
Evans Churchill
Roosevelt
Willo
F.Q. Story
The New Era of Central Phoenix Creative Workspaces + Startups
Professional
collaborations
Collaborative workspaces + innovative startups in central Phoenix continue to attract the attention of venture capital and innovative entrepreneurs providing the city with boundless growth opportunities and attention as the next big growth hub.
multiplier
economic
Every WeWork location with ±1,000 members can create an additional ±1,000 jobs (±2,000 total) through indirect + induced employment in the local economy
Total Floors
Four
Projected members
±1,140
Est. Completion
4Q2019
Distance from Alta Central: 3.0 Miles
Total SF
±77,000
Projected Desks
±120
Distance from Alta Central: 3.2 Miles
1Q2020
±55,000
coworking members
±100
Established
Distance from Alta Central: 4.0 Miles
2017
Source: Phoenix Business Journal, 2019Galvanize, 2019ktar.com, 2019Maricopa Association of Governments, 2018
The Intersection of Historic Preservation + Creative Innovation
Warehouse
Set to the backdrop of the towering infrastructure of downtown Phoenix, the Phoenix Warehouse District with its vintage brick buildings is experiencing a resurgence due in large part to the eclectic collection of creative adaptive reuse projects breathing new life into the area. The district, located immediately south of Talking Stick Resort Arena and Chase Field, offers a mix of the past + present which has drawn the attention of several creative ventures and tech startups including Galvanize + Seed Spot.
District
44+
100
2,200+
Unique Businesses Occupy the District
Technology StartupsWork Out of Galvanize
Employees in the Warehouse District
Roosevelt’s Famed Artists’ District Presents Unique, Cultural Opportunities for Alta Central Residents
the
row
Characterized by an eclectic style composed of vintage charm + modern creativity, the Roosevelt Row Artists’ District offers a dynamic cultural experience located two miles south of Alta Central. Impressive murals, award-winning galleries, incredible
a monumental effect on the community paving the way for a bevy of new infill and adaptive reuse projects helping to restore interest in the downtown area.
local restaurants, and boutique shopping combine to create this one-of-a-kind district, which is appropriately showcased during the monthly First Friday Art Walk drawing upward of 240,000 annual visitors. The 2.6 million square feet of walkable, creative space has had
Restaurants
27
Art Galleries
Retail Shops
Music Venues
±1,000
Hotel Rooms
Office Spaces
New
ro
2 vision
INVESTMENT
±$35.9M
True North Studio specializes in modern, urban developments drawing from the fabric of the existing culture to revolutionize the overall community experience.
Culinary Concepts
Chef Driven
one Creative
Residential Project
Total Rooms
±127
Stories
±7
Distance from Alta Central: 2.8 Miles
Under Construction
CAMBRIA HOTEL
ROOSEVELT LAND YACHT CLUB
MEOW WOLF
TEN-O-ONE
MONORCHID + KNIPE HOUSE
Total UNITS
±30
Avg Unit SF
±350 SF
Distance from Alta Central: 2.3 Miles
PLANNED
2Q2020
±85,000 SF
ROOMS
±400
Distance from Alta Central: 3.1 Miles
PROPOSED
2024
±100,000 SF
TBD
±385,000 SF
±5-19
# OF STRUCTURES
Distance from Alta Central: 2.5 Miles
±4
RESIDENTAL UNITS
±32
STATUS
PARKING SPACES
Source: phoenixnewtimes.com, 2019 Phoenix business journal, 2019 AZbigmedia.com, 2019 True North studios, 2019
Exclusively Listed by
STEVE GEBING
Senior Managing Director 602.687.6771 sgebing@ipausa.com License: AZ SA572944000
CLIFF DAVID
Senior Managing Director 602.687.6763 cdavid@ipausa.com License: AZ SA537976000
INSTITUTIONAL PROPERTY ADVISORS | 2398 East Camelback Road, Suite 300 | Phoenix, Arizona | 85016
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Institutional Property Advisors is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap ACT ID ZAA0070359
