Fountain Palms represents TruAmerica’s sixteenth investment in the Phoenix MSA and twenty-seventh acquisition of 2021. The Property is a substantial value-add opportunity as 128 of the 192 apartment homes remain unrenovated or lightly renovated. TruAmerica will renovate all units to a consistent, premium finish level, creating a high-end feel for future residents. TruAmerica also plans to make targeted improvements to exteriors and amenity spaces. Amenity improvements will include clubhouse renovations, fitness center upgrades, exterior paint, signage, pool furnishings, landscaping, water fountain upgrades in courtyards, and exterior lighting. These renovations will improve the current resident lifestyle and foster a more attractive image to prospective renters.
The area surrounding Fountain Palms has some of the strongest demographics in the Northwest Valley, and high barriers to entry have curtailed development, creating a drastically undersupplied multifamily submarket. The Property is also located less than 1.5 miles away from the P83 Entertainment District, which is the highest concentration of retail and entertainment destinations in Phoenix’s Northwest Valley. The P83 Entertainment District is anchored by spring training facilities for major league baseball’s San Diego Padres and Seattle Mariners. Totaling ±1.3M SF of retail space, over 40 local and national restaurants are located within P83 as well as convenient retail including Nordstrom Rack, Target, and Harkins Theatres. Albertson’s is within walking distance of Fountain Palms, Trader Joe’s, Target, and Costco are ±1 mile east, and Sprout’s, WinCo Foods, Fry’s Marketplace, and Basha’s are all less than three miles away. Fountain Palms’ strategic location adjacent to the Entertainment District and surrounded by the West Valley’s premier retail centers provides residents with unparalleled amenities and will drive perpetual demand.
Fountain Palms’ geographic positioning facilitates favorable access to entertainment, premier retail, jobs and highly-graded schools, providing ample demand for multifamily housing in the Arrowhead submarket. Phoenix’s Northwest Valley encompasses several large scale employment hubs. The daytime employment count within 10 miles of Fountain Palms exceeds ±400,000 jobs. Residents benefit from proximity to over ±1,300 office-using jobs located within the P83 Entertainment District and adjacent to Arrowhead Towne Center, as well as numerous surrounding hospitals and universities. Fountain Palms also feeds into the Peoria School District, which is an A-rated school district by the Arizona Department of Education. The community is specifically within the boundaries of Apache Elementary School (K-8) and Centennial High School, which both received A grades in the 2019-2020 school year.
- Two Resort Style Swimming Pools with Spas & Cabanas
- Covered Outdoor Kitchen with Gas Barbeque
- Modern Clubhouse with Full Kitchen
- Game Room with Billiards & Lounge
- Fitness Center
- Private Garages Available
- Outdoor Lounge Spaces (Including a Fountain Garden)
- Ample Community Green Space
- Nine-Foot & Vaulted Ceilings*
- Full-size Washers and Dryers
- Faux-Wood Flooring & Carpeting
- Granite Countertops*
- Spacious Walk-in Closets
- Two-Tone Paint
- Patios & Balconies
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