The Fund ended 2020 with the closing of Allegro Apartments in Phoenix, AZ, our fourth sale of the year from Fund II. The community was built in 1996 and purchased in September of 2016. Located in the exclusive Ahwatukee submarket of Phoenix, a 10-minute drive from the southeast valley’s preeminent employment centers and easy access to central Phoenix.
Allegro is a three-story, garden style community with two pools and garages. With the physical plant in excellent condition, we were able to focus renovations on areas the residents touch and feel, improving their experience as the property and its amenities were upgraded. The interiors were upgraded with solid quartz counter-tops, new cabinet facings, stainless appliances, new hardware, lighting, and plank vinyl flooring. The pool areas were improved with glass partitions, shade sails installed at the main pool, plus new furnishings. The club space and leasing center were completely made over with new finishes and furnishings and a new package center. The fitness facility received new paint and flooring and all new equipment.
On schedule renovations were completed last year and the property has performed well, driven by Phoenix’s robust employment and associated rental growth. The property was put on the market in September 2020 and marketed by Tyler Anderson’s CBRE team. After a very competitive marketing process we selected a Utah based investment company seeking to expand their portfolio in Phoenix.
it has been an incredibly busy time for our teams at The Fund and in Property Management, Finance, and Accounting, and we continue to say “thank you” to you everyone who touches these properties throughout our ownership and sales. We could not achieve these successes without your efforts.
William B. Montgomery
Chief Investment Officer
