3 Unit Multifamily Development Under Construction in Phoenix, Arizona!
We are extremely excited to have broken ground and begun construction on our 3 unit multifamily real estate development.
This project is adding 3 2 bed 1 bath apartment rental units to the existing property we own at 28th St and Oak in Phoenix. We purchased the existing 3 units property in 2015 and completed a gut renovation of the existing units in 2016.
Now we are beginning phase two of the project which is maximizing the space and adding three new units, giving us a total of six. This will bring the property to its highest and best use, providing us maximum value and return. Through our combination of experience and knowledge in construction and investment, we were able to figure out a way to configure the lot to accommodate the six units, compared to the three existing. A lot of our competitors and other buyers didn’t expect this to be possible and only evaluated the property as three possible units.
We expect the construction on this new phase to take around 4- 5 months. This will hopefully have us completed, with a certificate of occupancy so that we can market the new apartments in April-May of 2018. Right in time for spring selling season!
We will be posting updates and videos throughout the construction process so you can follow along and track our progress.
Check out this awesome aerial drone video we took so we can track before and after progress!
Comments (2)
Did you have get the property rezoned to do this? How was getting the permits? I like this idea, it’s very creative. :)
Matthew Perry, over 6 years ago
We didn't have to get this property re-zoned luckily. A lot of the lots in this area are zoned R3 such as this one. We did have quite a time with permitting, however, took us almost a year to get through the city of Phoenix. They had a hard time understanding that we wanted to build 3 additional units and not knock the existing 3 down, but we got them to see things our way eventually (=
Ciro Affronti, over 6 years ago