The acquisition of Highland Park brings TruAmerica’s Phoenix metro portfolio total to more than 2,400 units with assets in Tempe, Scottsdale, Avondale, and Chandler. The property was acquired as part of a 2-property portfolio. The other property acquired in the 2-property portfolio, Park View, is located down the street from Highland Park. Highland Park represents TruAmerica’s seventh investment in the Phoenix MSA and thirteenth acquisition in 2018. The property is located 1.5 miles south of Galleria Palms, an existing TruAmerica asset that was acquired earlier in 2018.
TruAmerica plans to undertake a capital improvement program that will consist of extensive interior renovations and modest upgrades to the community amenities. The exterior renovation program will also include upgraded signage to improve the overall curb appeal of the property. The renovations to the interiors and exteriors will help Highland Park compete more aggressively with its direct competitors.
Highland Park consists of 276 units and was built in 1981. The property features an attractive unit mix comprised 46% of one-bedroom, 46% of two-bedroom, and 8% of three-bedroom homes with an average apartment size of 870 square feet. The floor plans are well-designed and include sought after amenities, such as washers/dryers, private patios/balconies, walk-in closets, and central air conditioning and heating, while select units have wood-burning fireplaces. The property also features two swimming pools, fitness center, clubhouse, business center, bocce ball court, dog park, barbeque grills, cabana beds, fire pit, and a leasing office.
Highland Park benefits from a central infill location in South Tempe. The property is within a 20-minute commute from 550,000 jobs as all of Phoenix’s major freeways are easily accessible. Three major employment centers, Sky Harbor, Downtown Tempe, and Papago, are all within 10-minute drive of the property and collectively accounted for more than 50% of the job growth in Phoenix from 2017 to 2018.
*In select apartments