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The Ventura

Chandler, AZ

The Ventura

Overview

Location

Chandler, AZ

Acquired

2017

Units

272

Acquisition Price

$47,600,000

Capital

$17,700,000

Status

Holding

The Ventura, a 272 unit class A apartment community, was constructed in 1995 by Mark Taylor Development, Arizona's premier multifamily developer. Located in the fast growing Chandler, Arizona, the property is ideally situated in the heart of the Price Road Technology Corridor. The Ventura is also surrounded by master planned residential communities which have greatly restricted the number of apartments built in this area. These communities have high barriers to entry for multifamily development, exemplified by the fact that only one new apartment property (currently under construction) has been built within a 4-mile radius in the past 15 years. This fact alone creates high demand for Ventura's large apartments, which are within minutes of thousands of jobs.

The property has been well maintained, but it’s 1990’s interiors are considerably overdue for a renovation. The property's dated interiors, together with its high demand location, make Ventura a prime candidate for TMR's signature renovation and repositioning program. With 17,400 new jobs recently announced by Intel, Wells Fargo and JP Morgan Chase for the Price Road Corridor, we have every reason to expect our strategic repositioning of this fine asset will successfully attract financially strong and more discerning residents.

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