PARADISE SHADOWS
PHOENIX, AZ
Paradise Shadows Apartments, originally constructed in 1983, is a 67-home residential community. The 3.5-acre site includes 14 one- and two-story garden-style apartment buildings plus a one-story community building. There are 40 two-bedroom and 26 three-bedroom homes plus one two-bedroom home set-aside as the manager’s home. The homes feature energy efficient windows and sliding glass doors, which replaced the circa 1983 original features during renovation.
The property was purchased in 2013 and was financed with 4 percent Housing Credits and tax-exempt private activity bond financing. The property represents preservation of a HUD HAP Contract, which was renewed for another 20 years. Residents pay no more than 30% of their income for rent. The property also underwent an extensive rehabilitation of the interior of the residential homes, the exterior of the buildings and the grounds, as well as the addition of a 345 square foot extension to the community building. Paradise Shadows was developed by The Hampstead Group, Inc. and syndicated by R4 Capital, LLC.
The property is located in an established residential area with surrounding land uses that include single-family homes, multifamily condominiums and apartments and mobile home parks. Amenities within walking distance of approximately 0.5 miles include several restaurants and retail establishments as well as a Walgreens and Family Dollar. A grocery store, public library and the Greenway Village Shopping Center, which includes several retail establishments such as a Big Kmart and Goodwill, are within 1 mile. A day care center is also nearby, close to a charter middle school and high schools, public elementary and middle schools, and Paradise Valley Community College.
A social services worker is employed by the management company and provides services every weekday. There are also several volunteer tutors, who provide education to residents individually and organize educational events that including GED preparation, academic enrichment and leadership, college preparedness, workforce development/job search/resume writing, life skills, budgeting, self-sufficiency, nutrition, healthcare/wellness, parenting skills, English language proficiency, home ownership, food box programs, wellness programs, and more. The employee also coordinates outside service provisions.
Additional property amenities include the on-site management and leasing office, a community room with space for resident services to be held as well as a full kitchen, a computer room and laundry facility. On the grounds, there is a basketball court, two playgrounds, a community garden and picnic and barbecue areas. Carports were added over 70 of the 138 existing on-site parking spaces, 15 of which support photovoltaic panels that will help offset of the common area electricity costs. Property safety precautions consist of video surveillance, courtesy patrol and perimeter fencing.
Property information and photos provided by R4 Capital, LLC.
