Regency 59 Apartments was constructed in 1964 and has a total of 59 units spanning over 1.55 acres and across 6 adjacent parcels. The property offers a unit mix of (15) 2 bedroom/ 1 bathroom, (4) 1 bedroom/ 1 bathroom, (40) studio units. The property now has 57 rental units as two (2) sustained fire damage in 2017. Separately Metered for Electricity (20 Units on Split Meter System). Parking is abundantly available with 60 on site spaces. The property underwent a partial renovation in 2014 where many AC units and roofs were replaced. Under current ownership, each unit is renovated as the tenant vacates.Regency 59 is a value-add opportunity located in one of the most affordable submarkets in the valley. Recent operations reflect higher than normal vacancy with several down units. Current owner purchased the property in July of 2019 with a plan of renovating the units while their vacant, with a remodeled units a higher rental rate can be realized. Installing washers and dryers in the underutilized laundry facility will create additional income. Regency 59 is perfect for the savvy Investor looking to create immediate upside by implementing an aggressive renovation and management programs. Regency 59 is surrounded by other residential communities and situated directly across from the I-17 Black Canyon Hwy corridor with excellent freeway visibility and access. Regency 59 is 1 mile south from Grand Canyon University with easy access to bus lines and Light rail which make this location convenient for tenants and keeps the rental demand strong.
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