ORION Investment Real Estate is pleased to present this opportunity
to purchase Porto Fino, a fully renovated, sixty-six (66) dwelling unit
apartment community centrally located near Phoenix Sky Harbor
International Airport and residing in the path of progress between
downtown Phoenix and downtown Tempe.
Located just one mile from Phoenix Sky Harbor International Airport,
Porto Fino boasts a high profile location within this employment corridor,
which supports over 269,000 direct and ancillary Airport jobs,
surmounting to a 38 Billion dollar economic impact. Porto Fino was
recently and comprehensively renovated to support the high demand for
Market Rate dwellings coming from these and other jobs. In it’s current
state, Porto Fino provides a wonderful income opportunity with a healthy
CAP rate, however, an additional value addition effort could be applied
by upgrading the flooring as was done in approximately twenty-three
percent of the dwelling units. These units command a lease rate of
$1,000 monthly (utilities included) or $1.89 per square foot.
Just over a quarter mile walk to the newest GateWay Community
College, Porto Fino is well positioned to support the future growth of this
popular campus.
Porto Fino sits equidistant to Downtown Phoenix and Downtown Tempe
on a heavy trafficked Van Buren Street (23,049 VPD), which is unique
in that it serves to physically connect these two core downtowns. The
future of this location is extremely bright as it is rapidly becoming a
corridor of growth. Porto Fino resides in the center of an approximate
four square mile area directly north of Phoenix Sky Harbor International
Airport that has over 30 major developments in planning or being
constructed. Two miles directly east of Porto Fino sits a significant
mixed-use development called The Grand at Papago Park Center, which
is currently under construction. The Grand will accommodate over two
million square feet of class A office, thirty-four thousand square feet of
retail along with four hundred thousand square feet of hotel.
Porto Fino is also located in an Opportunity Zone. This particular zone
is primed for continued large scale development due to the current cost
of land, the proximity to an active Valley Metro Light Rail line and the
heightened employment base that exists in this corridor.
