1401 N 3rd Street, Phoenix, AZ 85004
Strategy: Levered Core
Status: Current
Purchase Price: $9,000,000
Acquisition Date: 07/20/2022
Units: 29
1031 Tax-Deferred Exchange
Lofts on 3rd was recently renovated in 2019 and consists of 14 1×1 units, 14 2×2, units (twelve of which are loft style), and one penthouse unit. The property is located just north of I-10, near the heart of downtown Phoenix. Just a 5-10 minute walk south is Roosevelt Row, which has blossomed into one of the Phoenix MSA’s best nightlife districts.
Lofts on 3rd has seen significant revitalization in recent years with 100% of the units have been renovated with modern finishes and in-unit washer/dryers—in addition to significant improvements to address amenities, deferred maintenance, and curb appeal. The property stands to benefit even further from enhanced property management and leasing.
The acquisition is a 1031 tax-deferred exchange of an asset that St. Clair Holdings sold recently in combination with additional 1031 funds from another St. Clair Holdings investor.
