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Avia 266

Mesa, AZ

Avia 266

Overview

Location

Mesa, AZ

Acquired

2015

Units

266

Acquisition Price

$19,200,000

Capital

$8,300,000

Status

Holding

AVIA 266, formerly Green Leaf on University, was the quintessential, value-add opportunity for a professional multifamily investor. Consider the following: A very strong, high visibility location just 1.5 miles east of Tempe Town Lakes, the site of State Farm’s new regional headquarters, a 2 million square foot campus that would ultimately house over 8,000 employees. The State Farm office project is the largest office construction project in Arizona history, yet it’s only one of a dozen new developments in booming Tempe and south Scottsdale. Walking distance to a 1.5 million square foot retail plaza, a brand new, state of the art sports complex (Chicago Cubs spring training) as well as gorgeous Riverside park and serviced by two different freeway exits/on-ramps just minutes away.

The property was in its last 90 days of a 20-year, low income rent restriction when acquired by TMR thus, the conversion to a market rate property was almost immediate. None of the 266 apartment interiors were originally constructed with individual washer and dryer hookups. Additionally, 95% of the apartment interiors were vintage 1980-condition and had never received even minimal updating. Within 12 months, TMR retrofitted all 266 units with full-sized, side by side washers and dryers.

The property’s excellent location, outdated apartment interiors, together with the area’s strong economic growth made this property a perfect candidate for a full-scale TMR renovation. Once completed, AVIA 266 ultimately generated rental rate increases of 40% and more, and excellent returns for TMR’s investors. 

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