Investment Highlights
Verve Apartments represents TruAmerica’s nineteenth investment in the Phoenix MSA and fifth acquisition of 2022. The Property is a substantial value-add opportunity as 139 of the 164 apartment homes remain unrenovated or partially 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 improvements to exteriors and amenity spaces. Amenity improvements will include interior refresh of clubhouse, fitness center upgrades, new signage package, pool area enhancements, landscaping updates, and refresh of playground and dog park. Overall, the asset has been well maintained (last painted in 2021), allowing a majority of the future capital to be spent on accretive improvements to the apartment interiors and amenity spaces.
Property Highlights
Verve Apartments residents can access the Loop 101 Freeway approximately seven miles to the west via W Cactus Road and I-17 about three miles to the east via W Peoria Ave. Verve Apartments is located seven miles east of the P83 Entertainment District, a bustling retail corridor anchored by the Arrowhead Towne Center and two spring training facilities for MLB’s San Diego Padres and Seattle Mariners. A total of ±1.3M SF of retail space and over 40 local and national restaurant chains are located within P83. Arrowhead Towne Center is the only super regional mall serving the entire Northwest Valley. Arrowhead Towne Center is anchored by Macy’s, Dillard’s, Dick’s Sporting Goods and Forever 21. It is also home to the Northwest Valley’s only Apple Store and high-end shops such as Lululemon and COACH. Residents of Verve Apartments are also just a 1-mile drive from Target, Walmart, and Fry’s Food and Drug.
Situated directly North of Verve Apartments, Arizona State University’s West Campus sits on a ±296-acre site. The campus offers degree programs through ASU’s W.P. Carey School of Business, the College of Nursing and Health Innovation, and Mary Lou Fulton Teachers College. The West Campus is fully-equipped with modern amenities including a fitness complex and swimming pool, residence halls, and dining facilities.
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