Investment Highlights

TruAmerica Multifamily expanded its portfolio in Phoenix to 2,591 units with the acquisition of Covington Park. The acquisition of this property represents TruAmerica’s tenth acquisition of 2019 and is its seventh property in the Phoenix MSA. TruAmerica will modernize the property by implementing a high-quality capital improvement plan, which will include renovating 520 home interiors. Along with renovating apartment interiors, TruAmerica will enhance curb appeal by making targeted improvements to the exterior and amenity spaces. Among these improvements will be painting the exterior of the buildings, renovating the interior of the clubhouse and upgrading the pool areas. Additionally, the capital improvement program includes upgrades to the property signage, landscaping and other accretive renovations that will increase the overall appeal of the property.

Property Highlights

Covington Park is a 502-unit garden-style multifamily community built in 1999. The property features an attractive unit mix comprised of 37% one-bedroom apartments, 53% two-bedroom apartments and 9% three-bedroom apartments, with floorplans at an average unit size of 902 square feet. All of the homes feature nine-foot ceilings, private balconies or patios, walk-in closets and washer/dryers. Covington Park also features impressive amenities such as a 3-acre community park with lighted basketball and volleyball courts, three swimming pools, a playground, a recently updated fitness center with free weights, a dog park, a resident clubhouse and package receiving lockers.

Covington Park is situated in the Deer Valley employment corridor with direct access to Interstate-17. This provides residents with convenient access to the largest concentration of jobs in North Phoenix. The Property is located within four miles of the regional offices for many large employers including PING, Cognizant, Blue Cross & Blue Shield, Wells Fargo and Mass Mutual. Additionally, there are several large retail stores near the property, including Fry’s Electronics, Lowe’s Home Improvement and Best Buy. Furthermore, there are no multifamily communities under construction within 3 miles of Covington Park.

Community Amenities

• Three Outdoor Pools
• Two Spas
• Water Features & Sundecks
• Updated Fitness Center
• Detached Garages (105 available to rent)
• Clubhouse with Internet Café & Lounge Area
• Package Receiving Lockers
• 3-Acre Community Park
• Children’s Playground
• Lighted Sand Volleyball & Basketball Courts
• Dog Park
• Ramadas with Barbecue Grills
  

  Apartment Amenities

• Washer/Dryer
• Central Heat and Air Conditioning
• Private Balcony/Patio with Outdoor Storage
• Ceiling Fans
• Walk-in Closets*
• Built-in Shelving
• Crown Molding*
• Fully Equipped Kitchens with Breakfast Bars
• Nine-Foot & Vaulted Ceilings*

*In select apartments

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