Avenel on 16th
Strategy: Multifamily Value Strategy
Avenel on 16th is a 200-unit, Class C apartment community centrally located on 16th Street in Phoenix, which has heavy traffic counts of 25,000 vehicles per day. The property is in a dynamic and continuously improving area within 5 miles of Phoenix's three primary employment and office corridors, Midtown, Downtown and Camelback with a combined total of over 240,000 jobs and 20 million square feet of office space. The area also has easy access to great shopping and restaurants.
The property was constructed in two phases in 1981 and 1984 and has primarily original finishes throughout and previous owners have allowed significant deferred maintenance to occur at the property. As a result, the property has underperformed the market and offers value-add upside. Rincon plans to fully renovate Avenel by painting the buildings with a modern color scheme, repurposing and creating new outdoor areas, updating community pool areas, and renovating the unit interiors to capture rental upside and forecasted future rent growth in the submarket and the Phoenix MSA.