Supplements: The unit mix is composed of studio, one and two bedroom floor plans that are spacious and very well designed and range in size from 329 to 910 square feet. The units have been completely renovated with exposed ceramic tile and faux wood vinyl flooring, new contemporary cabinetry with brushed nickel hardware, granite countertops, full-size appliances with glass-top stove, modern bathroom vanities, thermostats, LED lighting fixtures, low flow toilets, interior doors, and new ceiling fans. The property is situated on approximately 1.36 acres and has attractive low-water use landscaping with mature shade trees and desert plants. Exterior renovations include two-toned paint and trim, new chiller tower with a 6 panel solar system dedicated to the chiller, LED exterior light fixtures, an attractive monument sign, dual pane, energy efficient windows, parking lot re-seal and stripe, resurfaced, dual-drain swimming pool with new pool equipment, unit entry doors, and security gates and fencing. Canberra offers an investor the rare opportunity to acquire an extensively renovated asset located in a dynamic east Phoenix location priced below replacement cost. In the fourth quarter of 2015, the submarket rents averaged $1.23 per square foot, 21% greater than the metropolitan Phoenix average. With the strong submarket fundamentals coupled with the Phoenix market's continual improvement and recovery, Canberra is well positioned to achieve continual revenue increase.