Verona Park is a rare opportunity to acquire a true value-add asset, with $9 million upside potential by completing renovations on 279 class unit interiors. Verona Park is a stable asset positioned for growth, located at 1666 S. Extension Road in Mesa.
Visit our property website for investment details and to request the offering memorandum.
Built in 1981, the 304-unit, two-story, low-density garden-style community features a very tranquil atmosphere, with a resort-style amenity package that includes clubhouse (newly renovated), two pools, 24-hour fitness center, soccer court, dog park and beautiful landscape.
The property is located in Phoenix’s dynamic East Valley, which has experienced tremendous growth and is one of the most desirable areas in metro Phoenix to live and work. Residents and professionals are within minutes of major employment corridors, nationally ranked schools, diverse retail, entertainment districts, and many exceptional amenities.
Residents enjoy quick access to the US-60, Loop-202, Loop-101 and I-10 freeways, connecting them to area amenities, higher education and multiple fortune 500 companies in the area (“Who’s Who of Corporate America”). The city of Mesa is adding 1.9 miles of light rail on Mesa’s Main Street from Mesa Drive to Gilbert Road, just 3.7 miles from Verona Park.
$9 million+ in upside opportunity just by completing the current interior renovation scope. 279 units remain to be upgraded, as well as common area amenities
Current renovation scope is achieving rent premiums up to $150 per month. Rent comps are achieving monthly premiums of $200+ for their renovation program.
25 units have been newly renovated with refaced cabinets, updated lighting and plumbing fixtures, modern faux wood flooring, resurfaced Formica countertops, three-tone paint, faux wood blinds, new outlet covers with USB plugs
Fully equipped kitchens, wet bar, washer/dryer included, wood-style flooring, and plush carpeting
Walk-in closets, ceiling fans, private storage area, private balcony/patio
Two swimming pools, 24-hour fitness center, clubhouse with Wi-Fi
Playground, soccer court, lush landscaping, barbeque areas and dog-park
Covered carport parking
Package delivery system
