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Encanto & 83rd Self Storage – Phoenix, Arizona

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Description

General Overview

Encanto & 83rd Self Storage is 48,340 SF Self Storage Facility located on a 2.26 acre parcel in a high growth submarket of Phoenix. The facility was constructed in 2009 and underperformed for some time due to a poor unit mix configuration. There were a large number of 10×30 & 10×20 units that never seemed to lease up. Recently, the property was renovated and the unit mix was reconfigured in order to solve this chronic vacancy.

In the months since the completion of the renovation and unit mix reconfiguration, the facility has leased up significantly. This is a fantastic opportunity for an investor looking for a stable investment in a major metro area. There is minimal to no deferred maintenance and no hail mary assumptions in terms of occupancy growth or rent increases.

Market Overview

Phoenix is located in the heart of the fastest growing and most dynamic metropolitan area in the country with a population of over 4 million people. The City of Phoenix has a population of 1.6 million and is the fifth largest city in the United States, forecast to be at least #4 by 2020. Adjacent cities include Scottsdale, Mesa, Chandler, Gilbert, Glendale, Goodyear, and Surprise – and other nearby cities include Tucson, Yuma, and Flagstaff. The U.S. Census Bureau estimates that by 2030 the population of Phoenix will grow to 2.2 million, and the population of the metro area will reach 6.3 million. Phoenix is the capital of the state of Arizona, located in Southwestern United States adjacent to the states of California, Nevada, Utah, Colorado (at “4 corners”), and New Mexico. Arizona shares a vibrant border with Mexico that facilitates trade between the U.S. and Latin America.

The municipal governments in the greater Phoenix region are planning for a population growth of at least two million residents the next two decades. To prepare for that population growth, an enormous amount of infrastructure is planned, from new freeways to expansions of the light rail lines. Construction is occurring at the Phoenix Sky Harbor International Airport on the new PHX Sky Train™, anelevated and automated train that will transport people between the nearest Metro light rail station and the main terminal. That first phase was completed in 2013. The second phase extension to the west will connect the other two terminals and the rental car center by 2020.

People move to Phoenix not just for the weather and high quality of life, but also for jobs. And companies move to Phoenix to take advantage of the highly skilled labor force, low operating costs and low risk of natural disasters. Phoenix was awarded the distinction of All America City in 2009 by the National League of Cities based on the completion of innovative projects with community input. Those projects included the Sonoran Preserve Initiative, the teen program at the public libraries and the development of the downtown campus for Arizona State University.

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Jeff Gorden
Jeff Gorden

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