Trovita Rio

Address: 701 W. Rio Salado Pkwy, Tempe, Arizona, US

Phoenix & Southwest + Apartments

Created date: September 12, 2023

Date last updated: September 16, 2023

Property Description

209-unit, Class-A, institutional quality, mid-rise apartment community positioned in the heart of Downtown Tempe, AZ, walking distance to Arizona State University, one of the nation's largest college campuses based on student enrollment (±58,600 students)
Significant renter demand: 60% of Tempe’s population chooses to rent versus owning a home
Opportunity to acquire a distinguished asset in a Class-A location at a lower than replacement cost value
Unmatched amenity package: property features a heated pool and spa, rooftop entertainment deck with firepit, grills, and kitchen, fitness center with yoga studio, fully stocked gear rental room with kayaks, bikes, and paddle boards, rentable storage units, reservable conference rooms, outdoor ping pong tables, community clubhouse with kitchen, fireplace, and lounge areas, EV charging stations, multiple elevators, package lockers, and controlled key fob access
Beautifully crafted interiors for the modern day renter featuring hardwood style flooring throughout, quartz countertops, soft close cabinets & drawers, front load washers and dryers, stainless steel appliances, subway tile kitchen backsplashes, tiled showers, modern hardware and fixtures and select units with kitchen islands, double bathroom sinks, and patios/balconies
Tremendous organic rent growth opportunity: 70% of units are priced below market averages – ranging from ±$49-±$555 below submarket competitors
Strong revenue upside via moving in-place rents to market rate upon lease renewal: moving in-place rents to current market rents would generate a revenue increase of ±$622,305 annually
Opportunity to implement a technology package fee in addition to rent for the existing property technology: property features smart locks, keyless entry, and smart home thermostats – potential rental premium opportunity of ±$50/unit/month
45 storage units were recently installed at the community: potential to rent the storage spaces for ±$75/space/month

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments \| Garden Style
No. of Units:	209
Year Built:	2019
Building Size:	187,873 Sq ft
Opportunity Zone:	No