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El Cortez

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Address: 3130 N 7th Ave, Phoenix, AZ 85013, USA

Phoenix & Southwest + Apartment Buildings

Created date: September 2, 2024

Date last updated: September 2, 2024

-Dynamic Central Phoenix Location with High Barriers to Entry
-Potential to Assume Debt or Deliverable Free and Clear
Just South of the Redeveloped Melrose District with Numerous Boutique Retail and Independent Restaurants
-Major Area Employer Includes: Banner Health, St. Joseph’s Hospital, Century Link, Dignity Health, State of Arizona, Bank of America, APS, U-Haul
-Approximately 70% of the Units have been Extensively Renovated and Repositioned with $16,000+ per Unit in Capital Improvements
-Excellent Street Frontage on 7th Avenue with Traffic Counts Over 32,000 Vehicles Per Day
-A Quick 1-Mile Walk to St. Joseph’s Hospital, Walking Distance to Park Central and Creighton University

Property Description

JLL is pleased to introduce El Cortez, a premier 162-unit value-add apartment community situated in the heart of Midtown Phoenix, also known as the Phoenix Medical Quarter. With 162 units, this offering presents a compelling investment opportunity in one of Phoenix’s most sought-after submarkets. Furthermore, there is significant value-add potential through the renovation of an additional 50 units, complementing the 112 units that have already undergone successful upgrades. In addition, a new owner may have the opportunity to acquire the 3 separately owned units and dissolve the HOA which will provide additional efficiency and cost savings to the operation. Boasting a main-and-main location in Midtown Phoenix, El Cortez provides residents with unparalleled access to a dynamic, urban lifestyle, characterized by the convenience of being within walking distance to the highly anticipated $1 billion Park Central Mall Redevelopment and the esteemed $100 million Creighton University Health Sciences Campus. The property’s prime positioning has continuously attracted a diverse range of tenants, evident in its distinguished performance.

Under Contract

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Key Property Information

Listing Status:	Under Contract
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
No. of Units:	162
Year Built:	1962
Building Size:	65,934 Sq ft
Lot Size:	2.29 Acres
Opportunity Zone:	No