revivalMIDTOWN

Offering Summary

1220 E. Medlock Dr. | Phoenix, AZ

PRICING

LOCATION

PROPERTY

PRICE Unpriced

TOTAL UNITS 35

PRICE PER UNIT TBD

TOTAL SQUARE FEET 24,200

PRICE PER SQUARE FOOT TBD

CAP RATE TBD

PROPERTY NAME Revival Midtown

ADDRESS 1220 East Medlock Drive

CITY, STATE Phoenix, AZ 85014

PARCEL NUMBER 162–13–139

ZONING R–4

PARCEL SIZE 1.55 AC

YEAR BUILT / RENOVATED 1961 / 2018

NUMBER OF BUILDINGS 4

NUMBER OF FLOORS 2

DENSITY 22.58 Units per Acre

PARKING Covered & Uncovered

Investment Highlights

Marcus & Millichap is pleased to announce the opportunity to

acquire Revival Midtown, a completely renovated 35–unit

multifamily community ideally located in the heart of Phoenix’s

prestigious Camelback Corridor. Situated north of Camelback Road

and east of 12th Street, Revival Midtown is only minutes away from

upscale shopping, recreational activities, vast amounts of

entertainment and one of the most vibrant restaurant corridors in all

of Phoenix. The Valley Metro Light Rail station is less than two

miles away from the subject property, providing tenants with a low

cost and convenient transportation alternative to different parts of

the valley.

Built in 1961 and completely renovated in 2018, Revival Midtown is

comprised of recently remodeled and spaciously designed one and

two–bedroom apartment homes. All units include new flooring and

windows, en–suite washers and dryers, new bathrooms and

kitchens with stainless steel appliances, as well as private patios in

select units. In addition to the interior upgrades, the owner has also

invested in exterior enhancements including two new restricted

access gates, 35 new roof–mounted air conditioning units, as well

as a new leasing office.

Revival Midtown is located in close proximity to multiple grocers as

well as popular destinations such as the Arizona Biltmore Resort,

Biltmore Fashion Park and Camelback Mountain. With the growth

of award–winning restaurants, trendy coffee shops and bistros

prospering throughout the Camelback Corridor and Uptown

Phoenix, this location draws in young professionals and families

who desire to live an urban lifestyle. An added benefit to young

families is the proximity to the highly regarded Madison Elementary

School District which offers Signature Programs that allow students

to develop their talents and explore new opportunities in addition to

their regular academic classes.

Unit TypeUnit

Count

Square

Feet

Total

Square

Feet

Current Rent

Per Unit

Current Rent

Per SF

Gross

Potential

1 Bed / 1 Bath 16 625 10,000 $1,050 $1.68 $16,800

2 Bed / 1 Bath 19 800 15,200 $1,150 $1.44 $21,850

Total /

Average

35 720 25,200 $1,104 $1.53 $38,650

Phoenix’s average effective rent grows by more than 6

percent, moving the figure to $1,136 per month.

Deliveries pick up in 2019 as Phoenix receives 10,600 new

units.

Phoenix metro will experience faster job growth than the

national rate during the next five years.

revivalM I D TOWN

E X C L U S I V E L Y L I S T E D B Y :

R I C H A R D D . B U T L E RS e n i o r V i c e P r e s i d e n t I n v e s t m e n t s

6 0 2 . 6 8 7 . 6 7 8 2

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