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Ep 91- Renovation Recap: Venture on Elden: Strong rents as new amenities lead to big demand in Flagstaff
In this episode of "Kiss My Assets," Jamison and John discuss the progress of Venture on Elden. Despite encountering some delays due to weather and supply chain issues, the crew has made significant progress, with eight completed units already and the remaining eight units scheduled for completion by the end of the month. John emphasizes the high quality of the renovated units, which feature full-size washer-dryers, air conditioning, and beautiful kitchens and bathrooms. The rents have increased substantially from the initial price of $850 to around $1,212.50, reflecting the market's tight supply and increased demand for high-end units.
The team also highlighted the advantages of the property's downtown location and ample parking. They discuss the appeal of living in Flagstaff, with its walkable downtown area, public transportation options, and bicycle-friendly environment. They emphasize the growing importance of fuel costs, as rising prices make it more appealing for tenants to live closer to town rather than commuting from outlying areas. The Flagstaff property offers an attractive alternative, especially with temperatures rising in Phoenix, as it provides a cooler climate and a more enjoyable living experience.
To celebrate the completion of the project, the hosts announce plans for an open house in July. They aim to create a fun event for visitors to escape the summer heat in Arizona and explore the renovated property. Details are still being finalized, but the hosts express their excitement about opening the property up to the public and providing an opportunity for potential tenants to see the units firsthand. Overall, they express their satisfaction with the project's progress and the positive response it has received, highlighting the hard work of the construction crew and the benefits the renovated property brings to Flagstaff.