Oceana represents TruAmerica’s fifth acquisition in the Phoenix market and third acquisition of 2017. Oceana is an institutional-quality asset that was purchased at a significant discount to replacement cost and on an off-market basis from an owner in which TruAmerica had previously transacted with. Oceana represents a true and proven value-add opportunity as approximately half of the units are in the original state and have not undergone a renovation program to date. The previous owner has completed minor interior upgrades in select units that have achieved healthy renovation premiums, leaving all units in need of further upgrades to some degree.
TruAmerica plans to fully renovate all of the classic units while improving upon the minor upgrades put in place by the seller on the aforementioned select units. In addition, TruAmerica plans to renovate the community amenities and exteriors by upgrading the pool furniture, landscaping, signage, lighting, paint, and implementing a dog park in order to enhance the curb appeal of the property.
Oceana is a 240-unit property located in the strong Avondale submarket of Phoenix. Oceana features an attractive unit mix of one, two, and three-bedroom units. All of the units have 9-foot ceilings, full-size washers/dryers, central heat/air conditioning, balconies/patios, and walk-in closets.
Oceana is situated in an outstanding location as it is conveniently located near the intersection of Highway 101 and I-10, which provides easy access to all of Phoenix’s top employment and entertainment centers. Oceana is in close proximity to many medical and healthcare facilities, such as the Banner Estrella Medical Center, Abrazo West Campus Hospital, and Phoenix Children’s Hospital Southwest Valley Urgent Care Center.
Furthermore, there are plenty of entertainment and retail options nearby. The University of Phoenix Stadium (home of the NFL Arizona Cardinals), the Gila River Arena (home of the NHL Arizona Coyotes), and the Westgate Entertainment District (8 million square feet of retail, parks, residential, office) are all less than seven miles north of Oceana. In addition, a 550,775 square feet open-air shopping mall featuring national chain stores, fast outlets, and a movie theater called Gateway Pavilions is located across the street from the property.
- Resort-Inspired Pool & Spa
- 24-Hour Fitness Center
- Community Barbeques
- Bocce Ball
- On-Site Printing Service
- Dog Park