ORION Sets Call For Offer Date of May 7 For 300 Units in Biltmore Area
When the first phase of Biltmore Pointe was built in the late 1950s, Phoenix was in the midst of a population boom, in which the city experienced growth from 100,000 residents to more than 400,000 through the 1950s.
The area surrounding Biltmore Pointe was one of many burgeoning suburban areas responsible for this boom.
Flash forward to today and the Phoenix Metropolitan area has grown into the sixth most populous city in the United States and now the 10+ acre Biltmore Pointe site is “primed for a current renovation and an eventual re-development play,” says Alon Shnitzer, Senior Vice President of ORION Investment Real Estate.
The property is currently a 302-unit garden-style apartment community located just south of the Biltmore area and west of Arcadia. Shnitzer reports that the property is currently occupied at 93% and rising with an excellent unit mix whereby 60% of the community contains highly desirable two bedroom unit types.
The property has had recent capital expenditures and will trade at well below replacement cost offering an opportunity to renovate and reposition at higher market rents. But what has drawn so much attention to this site is its + 450,000 SF parcel size with nearly a quarter of mile of frontage along Osborn Road, spanning two full city blocks from 28th to 30th street.
The property is well connected with access to both Piestewa Freeway (SR 51) and the Red Mountain Freeway (Loop 202). Centrally located to Downtown Phoenix, Sky Harbor Airport and over 500,000 employees within a 5-mile radius, the property’s location is on the radar of every major apartment owner and developer.
“Investors believe in this infill, rapidly gentrifying area. We have received a significant amount of interest in this asset that we believed it appropriate to set a call for offer date to better and fairly manage the bid process,” Shnitzer added.
The date has been set for May 7th and ORION anticipates numerous offers to be submitted.
ORION has set up a website, biltmorepointeapartments.com for additional information on the property. For additional information on the bid process ORION’s Alon Shnitzer can be reached at 480-689-4176.