With more units to renovate, Renew 3030, presented a notable value-add strategy to buyer SB Real Estate Partners. The 126-unit multifamily community in Mesa, AZ, was acquired for $24.3 million.
Renew 3030 is a garden-style apartment community comprising five buildings and 126 units on 4.59 acres. Built in 1985, approximately half of the units have been renovated to include black appliances, and updated lighting and plumbing fixtures.
The property’s unit mix features 18 one-bedroom/one-bath units and 108 two-bedroom/ two-bath units at an average unit size of 773 square feet. Washers and dryers are featured in every unit.
Newmark’s Chris Canter, Brett Polachek and Brad Goff represented the seller, FPA Multifamily.
“Renew 3030 presents an ideal value-add strategy with approximately 50 percent of the property still left to renovate,” said Canter. “Continuing with the renovation program will allow the new owner to increase rental rates while modernizing the remaining units and gaining market share.”
The property’s location in the highly desirable Southeast Valley provides access and visibility along the heavily traveled Broadway Road. The community is surrounded by employment hubs such as Falcon Field, downtown Mesa, the Fiesta District, Price Road Technology Corridor and downtown Tempe.