529 E Mariposa St, Phoenix, AZ 85012

Bonfire is a newly renovated, modern boutique community in the heart of Central Phoenix. The community offers upscale interiors and bold gathering spaces and is just a short walk to the light rail, shopping and entertainment or the grocery store. The property is a 24-unit garden-style apartment community that was completely renovated and repositioned in 2013 with high end finishes. Built in 1964, the property is made of block construction with new pitched roofs and is individually-metered for electricity. Bonfire is a newly renovated, modern boutique community in the heart of Central Phoenix. The community offers upscale interiors and bold gathering spaces and is just a short walk to the light rail, shopping and entertainment or the grocery store. The property is a 24-unit garden-style apartment community that was completely renovated and repositioned in 2013 with high end finishes. Built in 1964, the property is made of block construction with new pitched roofs and is individually-metered for electricity. Bonfire captures the essence of modern living and offers green eco-friendly features such as energy star appliances, water efficient fixtures and energy efficient lighting. The property has a unit mix consisting of one and two-bedroom floor plans that are approximately 613 square feet and are extremely well designed. The units have been renovated with faux wood plank flooring, refinished cabinetry with new doors and hardware, new counter tops, porcelain tile shower surrounds, premium lighting, brushed nickel fixtures and ceiling fans, breakfast bars, new baseboards throughout and majority new appliances. Exterior renovations include professionally designed landscaping with an organic vegetable garden, picnic area with barbeque, modern artistic signage, upgraded lighting and a new paint scheme with stenciled handrails. Ownership has recently implemented a RUBS system in which residents are billed back for a portion of the water usage, further reducing the property's already minimal expenses. Bonfire is situated on approximately 0.7 acres and has resort-style grounds lined with mature trees and low water use plants. Additional community amenities include a spacious on-site laundry facility and covered parking. Bonfire offers an investor the rare opportunity to acquire an extensively renovated urban core asset located in an irreplaceable central Phoenix location priced at a fraction of replacement cost. In the first quarter of 2015, the submarket occupancy averaged 92% and increased by 119 basis points, significantly more than the metropolitan Phoenix average. With the dynamic submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Bonfire is well positioned to achieve continual revenue increase.