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17602 N. Cave Creek Road
Phoenix, AZ 85032
Berkadia is pleased to present The Northerly, a 165-unit value-add opportunity in North Phoenix. Built in 1984, The Northerly features a studio, one-, and two-bedroom units averaging ±700 square-feet. Units are complemented by a full amenity package including: a resident clubhouse, two swimming pools, two on-site laundry facilities, playground, dog park, outdoor entertainment areas with grilling stations, green courtyards, and beautiful desert landscaping.
A true value-add opportunity, the Northerly’s rent roll is comprised of 100% classic units. Renovated units in the submarket provide market support for an elevated renovation package, allowing a new investor an attractive opportunity to develop a repositioning program the meshes well within the neighborhood. Additional value-add can be captured by installing washer / dryers in units.
Strategically located with access to the Interstate 51 and Loop 101 freeways less than two miles from the community, The Northerly pulls from some of Metro Phoenix’s strongest employment hubs. Approximately 650,000 jobs are within a 20-minute drive-time of the community including a large concentration of Fortune 500 companies, insurance and financial service firms, and durable healthcare employment. Demand for this area is anticipated to continue its growth with substantial investments propelled by the future Taiwan Semiconductor Manufacturing Facility (TSMC). The $40B investment represents one of the largest foreign investments in America’s history and is slated to bring 4,500 new, direct, high-salary jobs and upwards of 150,000 indirect jobs to the submarket.
Two Story Garden Style Community with Balanced Unit Mix
Built in 1984, The Northerly offers 165 apartment homes in a low-density two-story garden-style construction community. The property’s unit mix, consisting of studio (14%), one- (44%), two-bedroom (42%) floorplans, with an average unit size of 700 square feet, meshes well with the surrounding area’s multi-family demographics and historical demand.
Value-Add Opportunity with Market Support for Elevated Finishes
Featuring a full rent roll of classic units, the community presents the opportunity to fully enhance interiors, including the ability to add washer / dryers. Competitive properties provide market support for an elevated renovation package featuring vinyl plank flooring, hard surface countertops, undermount sink, pull-down gooseneck faucet, and shaker cabinet doors.
High Barriers to Entry Limits Supply
The neighborhoods within 3 miles of The Northerly are largely built out and have seen virtually no supply over the past 10 years with only four multifamily communities totaling 671 units built since 2012. With only one 278-unit multifamily project under construction, Northerly offers a compelling opportunity to acquire a central, infill community facing limited existing and future supply.
Ultra-Connected Location with Access to Largest Concentration of Jobs in Arizona
The Northerly is located less than one mile from the Loop 101 Freeway and two miles from the 51 freeway, providing residents with immediate access to the region’s major employment centers. Featuring ±650,000 jobs within a 20-minute drive, The Northerly’s strategic location draws employment from the Deer Valley Corridor, The Desert Ridge / Mayo Clinic Corridor, Scottsdale Airpark, and the Camelback, Midtown, and Downtown employment corridors.
Proximity to TSMC’s $40B Mega Facility
The introduction of Taiwan Semiconductor Manufacturing Company’s (TSMC) ±$40 billion investment is slated to bring 4,500 new, direct jobs and upwards of 150,000 indirect jobs, bracing the North Valley for irreversible, positive effects on the area’s burgeoning economic scene.
Expanding World Class Heath Care
Anchored by the Mayo Clinic Hospital, North Phoenix is recognized for its world-class healthcare. Expansion plans are underway for the Mayo Clinic with plans to develop a $750M biotechnology corridor bringing at least 2,000 new jobs to the submarket.
Proximity to Neighborhood Retail
The community benefits from its proximity to the Bell Road corridor. As the strongest East-West corridor in the north Valley, Bell Road has drawn some of the highest retail development in the Phoenix MSA and includes over 5.5M square feet of big box retail centers with high-profile tenants including Fry’s Food & Drug, Walmart, Safeway, Target, Sam’s Club, Home Depot, Target, Planet Fitness, Sam’s Club, Kohl’s and more.
Access to Regional Lifestyle & Entertainment
The Northerly’s convenient location provides residents with a short drive to Desert Ridge Marketplace, one of the highest grossing retail centers in Phoenix and the premier retail destination for Northeast Phoenix. The community is also only a 15-minute drive to Kierland/Scottsdale Quarter, North Scottsdale’s high-end shopping districts known for world-class shopping and dining experiences.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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Senior Managing Director
Senior Managing Director
Outdoor Recreational Destinations
Ideally positioned between the Phoenix Mountain Preserves and the Sonoran Preserve, The Northerly’s residents are within minutes of trails for hiking, mountain, biking, and horseback riding. The North Valley also offers some of Arizona’s most scenic and challenging courses for an exceptional year-round golfing experience
Summary & Highlights