Located in heart of Phoenix’s hip Melrose District, 801 Turney is a 60 unit garden-style apartment community.
Originally built in 1956 and renovated in 2015, the building provided Newcastle Realty with an exciting opportunity to acquire a below-market asset in a fast-growing, dynamic downtown location in close proximity to public transportation, top schools, boutique retail and popular restaurants.
An extensive capital improvements project has recently been completed. The apartments interiors were spruced up with a stainless steel appliances while the exterior transformed to a contemporary blue and white color scheme. Further, the landscaping received a makeover with the addition of plants and boulders and the outdoor pool area completely revamped with a new deck, new shade, outdoor grills and elegant pool furniture. The ongoing split of a large existing unit into two, once completed, will offer significant revenue realization.