TEMPE, ARIZONA — Thayer Manca Residential (TMR) has sold their latest multifamily property in the Tempe, AZ market, Avia 266, for $45,250,000. The Seattle-based investment firm acquired the 266-unit apartment community in January 2015 for $19,200,000 and completed almost $4,000,000 in renovations.
The renovation projects included the completion of 237 unit renovations and 266 washer/dryer retrofits. It also included a new pet park, addition of an outdoor gaming and grill area, expanded and remodeled clubhouse with an added community lounge, upgraded 24-hour fitness center, installation of a secure package locker system, and full property rebrand and signage package.
“Avia 266 provided us with an amazing opportunity to harness a true value-add repositioning strategy, in an effort to grow investor capital. We are very confident in the greater Phoenix market, and it remains a focus of ours as we continue to grow our portfolio,” says Joe Manca, Principal at TMR.
This garden-style community is located within walking distance to 1.5 million square feet of retail, a brand new, state-of-the-art sports complex, as well as a gorgeous Riverside park. In addition to easy access to the converging 101 and 202 freeway systems, the Phoenix Light Rail line is one block south of Avia 266, providing residents access to Downtown Tempe, the Mill Avenue Entertainment District, ASU, and Sky Harbor Airport.