The Mojave
27 Units | 1986 Construction | Fully Renovated w/ Rental Upside
Marketing description
Matthews™ is pleased to present The Mojave, a 27-unit, garden-style multifamily community located at 2020 W Orangewood Ave in Phoenix, AZ. Originally constructed in 1986 and extensively renovated in 2022, current and previous ownership has invested over $680,000 in capital expenditures into the property including a full interior renovation package on all 27 units, new roof, asphalt replacement, upgraded landscaping, exterior painting and fencing, more.
The interior renovations feature modern finishes designed to appeal to today’s renters, including upgraded kitchens with new shaker cabinetry and countertops, stainless steel appliances, upgraded wood-plank flooring, modern lighting and plumbing fixtures, and in-unit stackable washer/dryers. These improvements have significantly enhanced the overall quality and appeal of the community while minimizing near-term capital expenditure requirements for future ownership.
Additionally, the property is thoughtfully designed around a quiet, landscaped central courtyard, creating a peaceful residential environment that enhances the tenant experience and provides a sense of privacy and community rarely found in assets of this size. The courtyard and surrounding outdoor areas offer residents a tranquil setting within the property while still being located in the heart of Phoenix. Strategically located in North Central Phoenix, the property benefits from convenient access to major transportation corridors including Interstate 17, as well as proximity to a wide array of employment, retail, and entertainment amenities. Residents enjoy close access to the Christown Spectrum shopping center, the Metrocenter redevelopment area, and numerous dining and service options along the Camelback and Northern corridors.
The Mojave’s attractive unit finishes, strong submarket fundamentals, and recent capital improvements position the property as a compelling investment opportunity within one of Phoenix’s most established and supply-constrained rental corridors.
Investment highlights
27-Unit Multifamily Community | Built 1986, Renovated 2021–2022 – Extensively upgraded asset with recent interior and exterior improvements.
Efficient Unit Mix – (24) Studios, (2) 1 Bed / 1 Bath, (1) 2 Bed / 1.5 Bath.
Average Unit Size: ±461 SF, offering affordable and efficient layouts.
Renovated Interiors – All units feature modern finishes and in-unit washer/dryer.
Exterior Improvements – Significant upgrades completed, including a new roof in 2021.
Attractive Cost Basis – Opportunity to acquire renovated product at a below market average cost basis
Assumable Agency Loan - 76% LTV, at 5.06% Interest Rate until October 2027
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