Significant Capital Improvements
La Granada was renovated in 2017 with over $700,000 in quality capital improvements to the unit interiors and exteriors, mitigating forward-looking expenses for new ownership. Significant capital improvements include all new electric, all new plumbing (including below slab sewer lines), new roofs, 14/18 new HVAC units, new water heaters, new parking lot and exterior block walls. These strategic improvements provide new ownership peace of mind while directly adding to the bottom line through decreased reserve and maintenance costs moving forward.
Interior Improvements & Amenities
La Granada was renovated in 2017 with over $700,000 in quality capital improvements to the unit interiors and exteriors, greatly enhancing the resident living experience. Cosmetic interior improvements include new modern white shaker cabinets, stainless steel appliances, modern vinyl plank flooring, baseboards, doors, faux Carrera marble backsplashes, faux slate shower surrounds, brushed nickel plumbing fixtures, low flow toilets, brushed nickel lighting fixtures and modern ceiling fans.
Attractive Low-Maintenance Desert Landscaping
Ownership installed low–maintenance desert landscaping throughout the community with native desert rock, mesquite trees, desert agave cactus, and flowering desert bushes throughout. Ownership also installed decorative pavers and several common area artificial grass areas throughout the community including a large center courtyard with artificial grass and barbecues for residents to enjoy.
Implementation of Private Patios and Washer/Dryer
Significant unused, open space West of the physical buildings provides an opportunity for new ownership to install large private individual patios for each unit. The North building which has 2 units with over 4,000 SF of unutilized open space that could be cost effectively converted into 2 large yards of similar size to a single family residence. These 2 yards would equate to an additional $200+/unit/month rental increase. Further, the community has new electrical systems and panels which provide the necessary power to install in-suite Washer/Dryer. Owners typically realize $125+/unit/month rent bumps when providing residents their own private outdoor space and in-suite Washer/Dryer. Given the relatively low cost of these capital improvements, owners achieve a higher ROI with these upgrades than nearly any other improvement.
Neighboring Beatitudes Campus - $260M Redevelopment
A major employer and benefit to the immediate neighborhood is the Beatitudes Campus, which is located directly to the East of La Granada. Spread across 27 acres, the Beatitudes Campus is a nationally recognized leader in independent senior living and senior healthcare, and is a trusted part of the greater Phoenix community. Beatitudes broke ground on a $260 million redevelopment in 2019. With the completion of the master plan, the campus will serve 1,000 residents and employ more than 500 full-time employees. The campus currently supports a total of 651 residences/beds, including 188 entrance fee independent living apartments, 11 entrance fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early stage memory care assisted living beds and 72 skilled nursing beds. Nearly 1,000 seniors currently live at the campus or take advantage of their home services.
Central Corridor & Camelback Corridor
La Granada is just a 5-minute commute to the Central corridor and a 10-minute commute to the Camelback Corridor. These employment centers host a dynamic mix of premier office, high end retail and hospitality development serving as a focal point for business and entertainment activity in Phoenix. The Central Corridor is a vibrant infill location experiencing a residential revival that has led to unprecedented rental demand pushing to the West, directly into the La Granada neighborhood.
Grand Canyon University
La Granada is just a few blocks from the booming Grand Canyon University (GCU). The University’s 300-acre campus is in the middle of a $1 Billion dollar investment in technologies, infrastructure, and expansion, providing a tremendous benefit to the local submarket through added employment and educational opportunities. This has resulted in a sharp increase in rents and values of multifamily properties. The campus enrollment in 2014 was 8,500 students and the 2018 enrollment has now surpassed 20,500 students. GCU’s 5-year forecast for enrollment is to grow to over 35,000 students and will expand the 300-acre campus to 400 acres.
Light Rail Station & Fry’s Marketplace Directly Across the Street
The Light Rail Station at Glendale and 19th Avenue provides a tremendous benefit to residents traveling to the Central Office Corridor, Downtown Phoenix, Sky Harbor International and Downtown Mesa and Tempe for work, school, and entertainment. Light Rail serves as an important link between communities and stimulates economic growth and revitalization along its path and around each stop station. Over 14 million riders use this transportation, making it one of the busiest light rails in the country. Fry’s Marketplace, a full service grocery store, is located directly across the street from La Granada providing a tremendous benefit and convenience for it's residents.
