Park View

Investment Highlights

The acquisition of Park View 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, Highland Park, is located down the street from Park View.   Park View represents TruAmerica’s eighth investment in the Phoenix MSA and fourteenth 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 modest interior renovations and upgrades to community amenities.   The exterior renovation program will also include new signage, which will improve the overall curb appeal of the property.  The renovations to the interiors and amenity upgrades will help Park View compete more aggressively with its competitors.

Property Highlights

Park View consists of 196 units and was built in 1984.  The Property features an attractive unit mix comprised 45% of one-bedroom, 49% of two-bedroom, and 6% of three-bedroom homes with an average apartment size of 865 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 a swimming pool, fitness center, clubhouse, business center, bocce ball court, dog park, barbeque grills, cabana beds, and a leasing office.

Park View 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.

Unit Amenities

Washer/Dryer

Private Patio/Balcony

Walk-In Closets

Central Air Conditioning/Heating

Microwave

Wood-Burning Fireplace*

*In select apartments

 

Community Amenities

Pool

Fitness Center

Clubhouse

Business Center

Bocce Ball Court

Dog Park

Barbeque Grills

Poolside Cabana Beds

Controlled Access Gates

Leasing Office

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