Avia 266 was the quintessential, value-add opportunity for a professional multifamily investor. It had a very strong, high visibility location just 1.5 miles east of Tempe Town Lakes, which was the site of State Farm’s new regional headquarters and included a 2 million square foot campus that would ultimately house over 8,000 employees. The property was also walking distance to a 1.5 million square foot retail plaza, a brand new, state of the art sports complex (Chicago Cubs spring training), the gorgeous Riverside park, and was serviced by two different freeway exits/on-ramps.
The property was in its last 90 days of a 20-year, low income rent restriction when TMR acquired the property. The conversion to a market rate property began almost immediately with a comprehensive transformation of all common areas including a totally rebuilt office, lounge and fitness center. Additionally, the rarely used tennis courts were converted into a large BBQ and picnic area with Bocce Ball courts, cornhole sets, and a gas firepit. Both swimming pool were redone with contemporary, resort-style furnishings and a large dog park was added.
At the time of our acquisition, none of the 266 apartments had individual washer and dryer hookups. Additionally, 95% of the apartment interiors were original, 1980’s style. Within the first 12 months, TMR had retrofitted all 266 units with full-sized, washers and dryers. Less than 18 months later, every aspect of TMR’s full-scale interior and exterior renovation had been completed.
In 2019, AVIA 266 was sold for $45,250,000, more than doubling the $19,200,000 acquisition price paid approximately 4 years earlier.‹ Back to Track Record