TruAmerica Multifamily continues its focused push into Arizona with the acquisition of The Bella. This property’s acquisition represents TruAmerica’s third acquisition of 2021 and its ninth property in the Phoenix MSA. The Bella is a strong value-add opportunity as all 200 units 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, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include clubhouse renovations, landscaping, outdoor lighting, pool furnishings, exterior paint, new signage package, and fitness center improvements. These renovations will improve the current resident lifestyle and foster a more attractive image to prospective renters.
The Bella, built in 1984, is a highly-amenitized institutional-quality asset in Phoenix, AZ. The 200-unit garden-style community features an attractive unit mix comprised of one-bedroom (43%) and two-bedroom (57%) apartment homes, with open-concept floorplans and an average unit size of 879 square feet. All the homes feature well-appointed kitchens with breakfast bars, full-size washer and dryers, spacious walk-in closets, and private patios or balconies. Vaulted ceilings and fireplaces are available in select apartments. The property is highlighted by two resort-style swimming pools and spas, outdoor social seating, firepit, barbecue grilling area with poolside picnic seating, resident gaming area, dog park, and indoor mailroom with package receiving.
The Bella is located between the AZ-51, which provides convenient access to metro Phoenix’s largest employment nodes, and Paradise Valley, the most expensive residential zip code in Phoenix. The community is less than one mile north of Paradise Valley Mall, which is anchored by Costco and is surrounded by outstanding restaurant options. The upscale residential neighborhoods surrounding The Bella are zoned for low-density single-family housing, creating extremely high barriers to entry.
Over 526,000 jobs are located within 10 miles of The Bella. Nation-leading population and job growth in Phoenix over the last several years have led to the rapid expansion of major employment centers within a short drive of the community. The Bella’s convenient location less than one mile from SR-51 connects residents to employment hubs in the Deer Valley Corridor (±120,000 jobs) and the Desert Ridge/Mayo Clinic Corridor (±25,000 jobs) to the north. SR-51 also provides southbound access to the Camelback Corridor (±56,000 jobs) and Midtown (±72,000 jobs) employment centers. Thunderbird Road provides direct access to Scottsdale Airpark (±86,000 jobs), approximately three miles east of the community.