TruAmerica Multifamily further expands its sizable portfolio in Arizona to 3,131 units with the acquisition of Pointe at South Mountain. The acquisition of this property represents TruAmerica’s 12th acquisition of 2020 and its 8th property in the Phoenix MSA. Pointe at South Mountain represents a tremendous value-add opportunity to renovate 100% of the units to a premium and consistent finish, immediately adding value to the building and its residents. TruAmerica plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include renovating the clubhouse, landscaping, new exterior paint, recoating the two pool decks, new signage package, tree trimming, and a dog park refresh. These renovations will enhance the overall appeal of Pointe at South Mountain to prospective residents.
Pointe at South Mountain is an institutional quality multifamily community built in 1988. The 364-unit property features an attractive unit mix comprised of one-bedroom (57%) and two-bedroom (43%) apartments with open-concept floorplans and an average unit size of 852 square feet.All of the homes feature well-appointed kitchens, full-size washer and dryers, spacious walk-in closets, private patios or balconies, and covered parking included. The property is highlighted by two swimming pools and a spa, playground,a partially renovated leasing center, dog park and package receiving.
Pointe at South Mountain is adjacent to Interstate 10 and ~1.5 miles south of U.S. route 60, providing excellent access to the region’s burgeoning market drivers. 670,000 jobs are within 10 miles of the property including Verizon Wireless, Amazon, Intel, and Deloitte. With the I-10 immediately accessible, residents are within 5 to 10 minutes from 60,000 job opportunities in mixed industries of tech manufacturing, fin-tech, and business services.
The property is surrounded by high-end, master-planned residential neighborhoods and is less than one mile from BASIS Ahwatukee, one of the highest-graded schools in Arizona. Directly adjacent to the property with views from west and north-facing units, sits the Arizona Grand Resort & Golf Course, Arizona’s only AAA Four Diamond all-suite resort featuring a 7-acre water park, 20,000-sf athletic club, full-service salon and spa, and six on-site restaurants. Pointe at South Mountain is less than one mile from Arizona Mills Mall, the largest indoor, climate-controlled outlet mall in the state which is currently leased with over 185 stores and restaurants including Dick’s Sporting Goods, H&M, Tommy Hilfiger, and The Disney Store Outlet. Less than three miles from the property sits South Mountain Park, the largest municipal park in the United States, which provides more than 51 miles of trails for hiking, horseback riding, and mountain biking.
Potential amenity enhancements and upgrades include exterior paint, signage improvements, dog park refresh, new pool furnishings as well as improving the landscaping around the property.