Thom Slate on Colter Apartments

• 123 Units, Originally Developed in 1974, With Recent Extensive Renovations (Over $2,000,000 in Capital Improvements)
• Exceptional Location Across From Grand Canyon University & Easy Access to Major Transportation Corridors (I-17, I-10, & SR-60 Freeways)
• Master Metered for Electricity, Domestic Hot Water, & HVACs
• Unit Mix Consists of Studio (48%) & One-Bedroom (52%) Unit Types
• Workforce Housing & Affordable (Average In-Place Rental Rates ~$1,000)
• Offered All Cash / New Loan
• Available Individually or With Thom Slate on Thomas Apartments (130 Units in Phoenix, AZ)

Property Description

• Nestled near the burgeoning economic powerhouse of Grand Canyon University, Thom Slate on Colter boasts a thriving community of 123 residences. This rare gem presents an extraordinary chance to acquire a high-performing, turnkey asset with a potential for further income growth through furnishing remaining units. Its location is a strategic nexus, with swift access to the Phoenix Valley via Interstate-17 / State Route 60, placing it minutes away from Downtown Phoenix, The Biltmore area, Deer Valley Airport, and State Farm Stadium.
• According to 2022-2023 data, Grand Canyon University’s vibrant student body numbered approximately 25,000 on campus and 90,000 online, a tally of over 115,000 across all programs. Projections for 2024 estimate an on-campus population of 30,000 students, with 20,000 calling the campus their home. This academic titan has already funneled $480 million to enrich academics and student life and has plans to pump over $1 billion into a majestic 400-acre complex along 33rd Avenue and Camelback Road.
• Thom Slate on Colter Apartments is an architectural mosaic of 123 stylishly designed units, sprinkled across 10 two-story structures that sport an array of vivid wood frame and stucco exteriors, crowned by pitched composition shingle roofing. The community stretches across a vast 2.37-acre landscape, hosting a blend of 59 compact studios and 64 cozy one-bedroom units, averaging 378 square feet.
• A comprehensive renovation has transformed this property, introducing a cutting-edge rental office, new exterior paint, contemporary finishes and landscaping, and refreshingly modern unit interiors. Seize the opportunity to be part of this vibrant community, perfectly poised for future growth.