Galleria Palms represents TruAmerica’s sixth investment overall in the Phoenix MSA and fifth investment overall in 2018. Demand for multifamily housing throughout metro Phoenix continues to be driven by robust employment growth. Galleria Palms is located in one of Phoenix’s most dynamic submarkets, Tempe. Tempe was ranked as the 9th best city in the country for jobs last year. Conservative projections are estimating Tempe to add more than 15,000 employees by 2020.
Galleria Palms represents a proven value-add opportunity as the seller has completed a very moderate scope of renovation to date.
Galleria Palms is a 424-unit garden-style multifamily community built in 1997. The property features an attractive unit mix comprised of one-bedroom units (30%), two-bedroom units (59%), and three-bedroom units (11%). All units have 9-foot ceilings, full-size washers/dryers, microwaves, private patios or balconies, and walk-in closets. In addition, Galleria Palms features a wide array of community amenities that include two swimming pools and spas, poolside ramadas, fitness center, clubhouse, business center, full indoor basketball court, movie theater, lighted sand volleyball court, playground, bocce ball court, outdoor chess/checkers board, corn hole court, barbeque grills, and carports.
Galleria Palms enjoys an outstanding location as it is adjacent to two freeways, U.S. 60 and I-10. The property is within a 20-minute drive to over half a million jobs and within a 10-mile radius to 50% of the new jobs created from 2016 to 2017. Major companies within a 10-mile radius of the property include State Farm (10,000 employees), JP Morgan Chase (4,000 employees), and ADP (1,500 employees).
The property offers its residents a low-density setting as it is situated on 26.5 acres (16 units per acre). Tempe is truly an infill submarket where core-plus, garden-style product is rare. The high cost of land makes it economically difficult to construct garden-style product, and new product that has been delivered is high-density in nature.
Galleria Palms represents a true and proven value-add opportunity as the seller has very moderately upgraded 77% of the units (325 units). TruAmerica plans to bring all units to a fully renovated status by upgrading all units with new faux-stainless steel appliances, lowered quartz countertops, vinyl plank flooring in the common areas, cabinet fronts, kitchen backsplash, and lighting and plumbing fixtures.
Furthermore, TruAmerica plans on upgrading the community amenities and exteriors by enhancing the pool and spa area, fitness center, signage, landscaping, lighting, and curing deferred maintenance items.
- 2 Pools & Spas With Ramadas
- Fitness Center
- Leasing Office/Clubhouse
- Business Center
- Full Indoor Basketball Court
- Movie Theater
- Sand Volleyball Court With Lights
- Bocce Ball Court
- Outdoor Chess/Checkers Board
- Corn Hole Court
- Barbeque Grills
The acquisition of Highland Park 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, Park View, is located down the street from Highland Park. Highland Park represents TruAmerica’s seventh investment in the Phoenix MSA and thirteenth 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 extensive interior renovations and modest upgrades to the community amenities. The exterior renovation program will also include upgraded signage to improve the overall curb appeal of the property. The renovations to the interiors and exteriors will help Highland Park compete more aggressively with its direct competitors.
Highland Park consists of 276 units and was built in 1981. The property features an attractive unit mix comprised 46% of one-bedroom, 46% of two-bedroom, and 8% of three-bedroom homes with an average apartment size of 870 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 two swimming pools, fitness center, clubhouse, business center, bocce ball court, dog park, barbeque grills, cabana beds, fire pit, and a leasing office.
Highland Park 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.
- Private Patio/Balcony
- Walk-in Closets
- Central Air Conditioning/Heating
- Wood-Burning Fireplace*
*In select apartments
- 2 Pools
- Fitness Center
- Business Center
- Bocce Ball Court
- Dog Park
- Barbeque Grills
- Poolside Cabana Beds
- Fire Pit
- Controlled Access Gates
- Leasing Office
TruAmerica Multifamily expanded its portfolio in the Phoenix MSA with the acquisition of Mission Springs in Tempe, AZ. Mission Springs represents TruAmerica’s 2nd acquisition of 2020 and is the 7th property acquired in the Phoenix MSA. TruAmerica will bring all units to a consistent, high-quality finish-level by renovating all classic and partially renovated unit interiors. TruAmerica also plans to make improvements to the community exterior and common area amenities, including upgrades to the dog park, landscaping, and outdoor barbecue grilling stations.
Mission Springs is a garden-style community built in 1987 and features an attractive unit mix comprise of one-bedroom apartment homes (49%), and two-bedroom apartment homes (51%) with floorplans averaging 706 square feet. All homes feature fully-equipped kitchens, large balconies or patios, central air/heating, and a full-size washer and dryer. The community is highlighted by three sparkling swimming pools and spa, a fitness center, package lockers, business lounge, dog park, and outdoor picnic and barbecue grilling areas.
The property is strategically located in the South Tempe submarket at the intersection of the I-10 and US 60 freeways, providing convenient access to all areas of the Phoenix Metroplex. Mission Springs is located within 10 minutes of the Downtown Phoenix CBD and Sky Harbor International Airport. Additionally, Mission Springs is located less than a mile from Whole Foods Market, Home Depot, CVS, and The Arizona Mills Mall, which is home to The Seas Life Arizona Aquarium and Legoland Discovery Center Arizona.
- Three Sparkling Swimming Pools and Spa
- Bark Park
- Fitness Center
- Picnic Areas and Barbecue Grills
- Package Lockers
- Business Lounge
- Covered Parking
- Gated Access
- Fully-equipped Kitchens
- Vinyl Plank Flooring*
- Resurfaced Countertops*
- Private Balcony/Patio
- Vaulted Ceilings*
- Walk-in Closets*
*In select units
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.
- Two Pools
- Tennis court
- On-site maintenance and management
- Package Receiving
- Pet Park
- High-Speed Internet Available
- Covered parking
- Large closets
- Air Conditioning/Heating
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.
- Fitness Center
- Gated Community
- Hot Tub
- Dog Park
- BBQ Area
- Swimming Pool
- Resident Clubhouse
- On-Site Maintenance
- Cyber Cafe
- Hardwood Flooring
- Walk-In Closets
- Air Conditioning/Heating
- Ceiling Fan
The Urban represents TruAmerica’s 13th investment in the Phoenix MSA and 9th acquisition of 2021.
The Urban is a substantial value-add opportunity as 331 units still 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. Creating amenity improvements which will include clubhouse renovations, landscaping refresh, outdoor lighting, pool furnishings, exterior paint, and fitness center upgrades. These renovations will improve the current resident lifestyle and foster a more attractive image to prospective renters.
The Urban is located within a 6-mile radius to the heart of Downtown Phoenix, Biltmore Fashion Center, Old Town Scottsdale, Camelback Mountain, Arizona State University, Papago Park, and the Phoenix Sky Harbor Airport, The Urban with 435 units is surrounded by the city’s greatest amenities. The culmination of comfort and relaxed living offers The Urban’s inhabitants quick access to offerings that elevate their quality of life through entertainment and convenience of location. Additionally, the diversity in unit sizes makes this community a great fit for young business professionals, students, and families, allowing them to choose from a mix of studio, one, two-, and three-bedroom unit types.
The Urban features a centrally located clubhouse with chic white marble accents, engaging gallery art, and an open-concept industrial design. Complete with a coffee bar and fireplace, the clubhouse offers residents a new spot to work from home. The resort-inspired pool is situated in the apartment community center, with many rooms overlooking the large courtyard filled with lounge chairs, and an outdoor kitchen. In addition, residents have access to a fully operational state-of-the-art fitness center where they can use free weights and machines, and new cardio equipment.
The Urban is less than one mile from the Loop 202 freeway and less than two miles from the SR-143, SR-51, and the I-10 freeways, which provides expedient travel to approximately 550,000 jobs in a wide variety of professions. The property is also only two miles away from access to 70,000 jobs at the Phoenix Sky Harbor Airport.
• Centrally located resort-style swimming pool & spa adorned with lounge seating, umbrellas, & an outdoor kitchen
• Industrial chic clubhouse with modern leasing office and conference room
• Fully stocked coffee bar to enjoy looking out floor-to-ceiling windows
• State-of-the-art fitness center with free weights
• Covered parking*
• Controlled access entry
• Elevator served
• Garages available*
• Package receiving
• White subway tile kitchen backsplash*
• Light and airy solid surface kitchen counter tops with under-mount sinks*
• Open concept floor-plans with kitchen centrally positioned
• Matching GE in-unit washer and dryer
• Travertine/slate shower walls
• Spacious walk-in closets
• Stainless steel appliance package*
• Wood-style plank flooring*
• Modern plumbing fixtures*
• Contemporary lighting*
• Linen closet*
• Ceiling fans
• Kitchen pantry*
• Garden style tubs*
• Nine foot ceilings
• Private patio or balcony*
Townhomes at Kyrene represents TruAmerica’s fifteenth investment in the Phoenix MSA and fourteenth acquisition of 2021.
The Property represents a strong value-add opportunity as all the 240 units remain in classic condition. So, the opportunity remains to 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. Creating amenity improvements which will include clubhouse renovations, outdoor lighting, exterior paint, fitness center upgrades, aesthetic upgrades to the pool areas and landscaping. These renovations will improve the current resident lifestyle and foster a more attractive image to prospective renters.
Townhomes at Kyrene is situated in the geographic center of the Phoenix MSA. All major freeway systems are immediately accessible from the community, connecting residents to Phoenix’s largest employment centers. Employment drivers in the East Valley surrounding Ravenwood Heights are highly diversified and positioned to experience exponential growth in the future. The I-10 Employment Corridor is immediately accessible from Ravenwood Heights, placing the community within a 5- to 10-minute commute of ±60,000 jobs. The diversified employers are a mix of tech manufacturing, fin-tech, and business services companies providing an expanding collection of high-paying jobs. Additionally, downtown Tempe to the north and the Loop 101 Corridor to the east were leading the Phoenix MSA for corporate expansions and office construction activity prior to the pandemic. New users and expansions in these corridors have almost entirely been in the technology and financial services sectors, which are positioned for future growth in the East Valley due to scalability and the area’s deep talent pool.
Townhomes at Kyrene residents have quick access to convenient neighborhood necessities along Baseline Road including Home Depot, CVS, Target, and a Fry’s grocery store. Directly east of Ravenwood Heights on Baseline Road, The Collective is a new neighborhood retail center recently completed in 2019 by DMB with popular local concepts include The Porch, Alamo Drafthouse Cinema, and Scramble. Directly south of Ravenwood Heights are 1.7M SF of retail and restaurant amenities situated along Elliot and Warner Roads. Destination anchors within this area include Costco, IKEA, and Dick’s Sporting Goods.
• Resort-Style Pool & Spa with Water Feature Industrial Chic Clubhouse
• Modern Leasing Office and Conference Room
• Poolside Entertainment Ramada
• Barbecue Station & Dining Area
• Resident Clubhouse with Kitchen, Media Lounge & Billiards Table
• Outdoor Patio & Gaming Area
• 24-Hour Fitness Center
• ±7-Acre Greenbelt with Walking & Jogging Paths through Property
• Business Center
• Shaded Children’s Playground
• Spacious Two & Three Bedroom Townhomes
• Attached Direct-Access 2-Car Garages (240)
• Large Kitchens with Whirlpool Appliances
• ±9-Foot & Vaulted Ceilings
• Vinyl-Plank Flooring
• Full-Size Washers & Dryers
• Walk-In Closets
• Double Vanities in Master Bedrooms
• Private Patios & Balconies
• Additional Storage
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.
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.
- Swimming Pool with Spa and Cabana
- Picnic Area with Barbecue
- Dog Park
- Fitness Center
- Laundry Room
- Covered Parking
- Fully-Appointed Kitchens
- Private Patios Or Balconies
- Ceiling Fans
- Walk-in Closets*
- Extra Storage Space
- Two-Tone Paint
- Full-Size Washers and Dryers
Luxe Scottsdale represents TruAmerica’s twentieth investment in the Phoenix MSA. The Property was built in 2015 and features premium amenities and modern interior finishes. The property represents an ideal core-plus investment, with the opportunity to benefit from low capital expenditures, below market in-place rents, and the organic growth of the Phoenix market. TruAmerica also plans to make targeted improvements to exteriors and amenity spaces. These improvements will include interior refresh of business center, fitness center updates, updated signage, full exterior paint, exterior lighting, pet park addition, dog wash upgrade, package lockers installation, new pool furniture, and landscaping upgrades.
Luxe Scottsdale has immediate access to Indian School Road, the primary feeder into downtown Scottsdale. Downtown Scottsdale is Phoenix’s largest entertainment corridor with over 100 local restaurants, shops, art galleries, and nightlife venues. Diverse amenities and abundance of cultural attractions in a walkable environment perpetually distinguishes Downtown Scottsdale from other neighborhoods in Phoenix and appeals directly to a growing high-end resident demographic in Scottsdale. Luxe Scottsdale’s central location less than a mile from the Loop 101 provides residents with direct-access to high-wage employment hubs throughout Metro Phoenix’s rapidly expanding technology and finance sectors from Scottsdale and the Camelback Corridor to Tempe and Chandler. Affluent demographics, high barriers to entry, and overall demand in the Downtown Scottsdale submarket will continue to fuel strong multifamily fundamentals for the community.
- Resort style swimming pool with fireplace & poolside speakers
- Hot tub
- Fitness center
- Pet spa
- Clubhouse featuring a gourmet kitchen
- Flat screen TVs & spacious balcony
- Business center
- Air-conditioned corridors
- Grilling stations
- Fully appointed kitchens
- Full-size washer and dryers
- Spacious walk-in closets
- Private patios or balconies
- Nest thermostats
- Faux wood flooring
- Built-in Bluetooth speakers*