1780 W Missouri Ave
Phoenix, AZ 85015

Marcus & Millichap is pleased to announce the opportunity to acquire Ocotillo Apartments, a 173-unit multifamily community located in Phoenix, Arizona. Situated less than a mile east of Interstate 17 (Black Canyon Freeway), Ocotillo Apartments ease of access into all parts of the Valley including downtown Phoenix, Sky Harbor International Airport, Arizona State University and the Northwest Valley. Within walking distance is the Montebello/19th Avenue light rail stop which also becomes an invaluable benefit to tenants requiring transportation flexibility. Built in 1973, Ocotillo was completely refurbished in 2014 with over $4,000,000 of capital improvements including 173 new air conditioners, energy efficient windows, steel case doors, foam roofs, security gates, pool equipment and a refreshing exterior stucco and paint design as well as all interior amenities. Comprised of large studio, one and two-bedroom apartment homes, all units have an open floor plan design with ample closet and storage space with full size refrigerator and stoves in the kitchen area. There is a large fenced-in pool deck, two laundry rooms, a large clubhouse with expansive entertainment area, covered parking for tenants as well as a dedicated leasing office. The $4,000,000 of capital improvements at Ocotillo were funded by a City of Phoenix NSP3 loan in 2014, as a result, for the next 25 years, 118 of the units will be set aside for affordable housing for families who meet the Phoenix AMI requirements whereby these families' rent must not exceed those established by the City in its HOME Investment Partnership Program.