Phoenix Development News (3) - Page 597

biggus diggus · #**11921** Posted **Feb 19, 2018, 9:13 PM**

Yeah, sorry. I took the bait.

Has anyone noticed the job they did on the old apartment building at 4th and Roosevelt? It's called Capri on Roosevelt and it looks really nice. I'm still bitter about that whole thing.

ASU Diablo · #**11922** Posted **Feb 19, 2018, 9:17 PM**

Quote:

Originally Posted by biggus diggus

Yeah, sorry. I took the bait.

Has anyone noticed the job they did on the old apartment building at 4th and Roosevelt? It's called Capri on Roosevelt and it looks really nice. I'm still bitter about that whole thing.

Yeah I think it came out great too. However, not feeling the turf as the rest of our neighborhood is mostly grass.

fawd · #**11923** Posted **Feb 19, 2018, 10:30 PM**

Drawing a complete blank... what apartment are you guys talking about exactly?

biggus diggus · #**11924** Posted **Feb 19, 2018, 10:47 PM**

Southwest corner of 4th Avenue and Roosevelt

somethingfast · #**11925** Posted **Feb 20, 2018, 3:31 AM**

Quote:

Originally Posted by biggus diggus

You don't seem to understand that private money dictates what's built, the City government doesn't call the shots. This isn't Sim City. If the market won't encourage someone to build something then it won't be built.

at the risk of sounding "hostile"...really dude? please don't question my fundamental understanding of commercial real estate development. you can question my opinion all you want but don't get on your high horse about my *position* on anything here. thanks.

fawd · #**11926** Posted **Feb 20, 2018, 5:42 AM**

Quote:

Originally Posted by somethingfast

at the risk of sounding "hostile"...really dude? please don't question my fundamental understanding of commercial real estate development. you can question my opinion all you want but don't get on your high horse about my *position* on anything here. thanks.

Dude stop, pretty please.... We get it.

You’re beating a dead horse on this subject.

Moving on!!!

CrestedSaguaro · #**11927** Posted **Feb 20, 2018, 2:57 PM**

Quote:

Originally Posted by fawd

Dude stop, pretty please.... We get it.

You’re beating a dead horse on this subject.

Moving on!!!

No kidding. I am seriously not even wanting to read this forum. This is bordering trolling. Mods need to put an end to this topic.

biggus diggus · #**11928** Posted **Feb 20, 2018, 4:28 PM**

Quote:

Originally Posted by somethingfast

at the risk of sounding "hostile"...really dude? please don't question my fundamental understanding of commercial real estate development. you can question my opinion all you want but don't get on your high horse about my *position* on anything here. thanks.

If you appeared to understand then I wouldn't have felt inclined to help you try to understand.

Anyway, you've sucked me in again.

Back on topic:

I just walked over and poked around inside Capri on Roosevelt, they did a really cool job with the private patios for each unit, turning the center area into a nice common ground. I really appreciate these types of developments because ultimately this kind of thing is what makes a city. Places with an identity and being reused for the better.

fawd · #**11929** Posted **Feb 20, 2018, 6:28 PM**

Not bad! What are these units going for, I wonder? Great location!

biggus diggus · #**11930** Posted **Feb 20, 2018, 6:37 PM**

They're going to have to be quite spendy. I offered the lady what would have given me a 12% cap back in 2015 and she basically told me to screw myself, I didn't plan to do much to improve the building. If these guys gave her what she wanted, spent all that money on the renovation, and still want a decent cap they'll need to rent them for $1,400 minimum for a one bedroom. My guess is this thing barely squeaks by.

combusean · #**11931** Posted **Feb 20, 2018, 6:50 PM**

I banned somethingfast for 10 days after warning folks twice about the conversation here.

I trust I won't have to do this again for a while.

ASUSunDevil · #**11932** Posted **Feb 20, 2018, 7:06 PM**

Quote:

Originally Posted by biggus diggus

I offered the lady what would have given me a 12% cap back in 2015 and she basically told me to screw myself, I didn't plan to do much to improve the building. .

Glad you didn't get it. These are a real improvement for Phoenix.

muertecaza · #**11933** Posted **Feb 20, 2018, 7:08 PM**

Rundown of some of the developments between the 7s.

https://azbigmedia.com/phoenix-sees-major-rejuvenation-between-the-sevens/

fawd · #**11934** Posted **Feb 20, 2018, 7:09 PM**

Quote:

Originally Posted by ASUSunDevil

Glad you didn't get it. These are a real improvement for Phoenix.

hahaha.

$1,400 is a little steep, no? Starting price for 1 bedrooms at 44 & Cityscape aren't much more than that...

Nice article below.

https://azbigmedia.com/phoenix-sees-major-rejuvenation-between-the-sevens/

biggus diggus · #**11935** Posted **Feb 20, 2018, 7:10 PM**

Quote:

Originally Posted by ASUSunDevil

Glad you didn't get it. These are a real improvement for Phoenix.

They are an improvement, but how they're going to make any money is beyond me.

biggus diggus · #**11936** Posted **Feb 20, 2018, 7:15 PM**

Quote:

Originally Posted by fawd

hahaha.

$1,400 is a little steep, no? Starting price for 1 bedrooms at 44 & Cityscape aren't much more than that...

Nice article below.

https://azbigmedia.com/phoenix-sees-major-rejuvenation-between-the-sevens/

I think it is steep and I may be wrong because I don't know the exact number they paid for the building. The remodel looks to be about $25K/door... I'm speculating that they're all in about $125k/door - for a 13% gross (on apartments half that gets spent on expenses usually) they're going to need to be $1,400 average rent. I was part of a major rehab project at 7th ave north of mcdowell a few years ago, same story as this building. It was hard to justify the money spent, can get 5%-6% on the stock market without all the headache.

combusean · #**11937** Posted **Feb 20, 2018, 7:26 PM**

The Capri needed all the help it could get. It looked like Downtown's worst occupied apartment building for years.

Good news all in all tho.

Obadno · #**11938** Posted **Feb 20, 2018, 7:36 PM**

Quote:

Originally Posted by fawd

hahaha.

$1,400 is a little steep, no? Starting price for 1 bedrooms at 44 & Cityscape aren't much more than that...

https://azbigmedia.com/phoenix-sees-major-rejuvenation-between-the-sevens/

Depends on the quality of the apt and no, not really for downtown is that bad, this is why Im working on buying instead of renting at this point.

combusean · #**11939** Posted **Feb 20, 2018, 8:11 PM**

The buildings charging that much money have oodles of amenities like high security and pools and fitness centers tho.

At the end of the day, The Capri is a 1950s courtyard building with obsolete layouts. Might have been a stretch to install a stack washer dryer in each unit--where's the $400 premium in this vs Roosevelt Square which is closer to things like light rail and food?

Maybe a well-capitalized owner was just looking for an opportunity to buy and could give away profits for a long term hold when the smart money had already wandered off.

biggus diggus · #**11940** Posted **Feb 20, 2018, 9:11 PM**

I just discussed with one of my partners who is more in the know, he says they paid close to $2,000,000 for the building which puts them just shy of $200K per door then did all new electrical, new plumbing, new ACs on the roof, re-arranged floor plans, and went through and did full remodels in each unit. This puts them closer to the $40K range per door. If they're in there for $235K a door like he thinks then someone's going to drown.