GILBERT, AZ - Resource Real Estate Opportunity REIT, a non-traded real estate investment trust sponsored by Resource Real Estate, announced the acquisition of the Springs at Gilbert Meadows Apartments in Gilbert, Arizona.
The greater Phoenix metropolitan area is the eighth largest in the country, with nearly 4.4 million residents as of 2013. Often referred to as the “Silicon Desert,” due to its ability to attract major companies in the high growth sectors of aerospace and defense, Phoenix has recently outpaced the rest of the nation in employment growth, averaging 2.3 percent growth or 40,000 jobs per year since 2010.
Gilbert is an affluent and attractive suburb of Phoenix, and is the 12th fastest growing municipality in the United States. Residents are attracted to Gilbert for its high quality of life, access to employment and entertainment centers, and the Gilbert Unified School District, a nationally ranked K-12 education system.
The Springs is advantageously located within a five-minute walk of Gilbert’s lively Downtown Heritage District, which contains a highly concentrated presence of restaurants, shops, parks, and cultural attractions such as the Gilbert Historical Museum and the Hale Theatre, the longest continuously running, privately owned and operated theatre in the country. The Springs consists of 459 apartment units and 20 two-story buildings situated on 22 acres and comprising approximately 320,000 net rentable square feet. The property offers amenities including two swimming pools, clubhouse, fitness center, business center, large outdoor recreational areas with barbeque facilities, and access to a biking/running trail. The Springs is expected to benefit from an extensive value-add strategy that includes new capital to improve the property, including enhancements to individual units, common areas, amenities, and exterior painting and landscaping.
Kevin Finkel, President and COO of the Opportunity REIT, said, “We are excited to make our first strategic acquisition in the Phoenix metropolitan area. As Phoenix’s growing economy and real estate market enters into a healthier, more balanced point relative to previous years, we are seeing a strong demand for renovated, well-located market rate apartments that are both attractive and affordable to Phoenix’s workforce. The Springs’s unique location allows its residents to walk to Gilbert’s pedestrian-friendly historic downtown, as well as easily access the many jobs that have been attracted to Gilbert. When we are finished with our extensive renovations, residents will be able to enjoy this walkable location, in a renovated, well-priced apartment.”