The ventura
The Ventura, a 272-unit apartment community, was constructed in 1995 on over 14 acres in fast-growing Chandler, Arizona. The property was ideally situated in the heart of the Price Road Technology Corridor and was surrounded by master-planned residential communities, which greatly restricted the number of apartments built in this area. This fact alone created high demand for Ventura’s large apartments, which were within minutes of thousands of jobs at Intel, Wells Fargo, JP Morgan Chase, and more. Despite the quality construction, the property was 22 years old and in need of a comprehensive update. TMR planned a $3,400,000 repositioning plan for The Ventura to bring the property up to date.
location
Chandler, AZ
no. of units
272
acquired
2017
Status
Sold
The property was well maintained, but its 1990s interiors were considerably overdue for renovation. The opportunity to modernize dated interiors, together with the property’s high-demand location, made Ventura a prime candidate for TMR’s signature renovation and repositioning program.
The Ventura was purchased in August 2017 and sold in May 2022. It provided investors with a cumulative simple return of 364.4%, or 73.2% annually. This was a 37.4% IRR.
The property was well maintained, but its 1990s interiors were considerably overdue for renovation. The opportunity to modernize dated interiors, together with the property’s high-demand location, made Ventura a prime candidate for TMR’s signature renovation and repositioning program.
The Ventura was purchased in August 2017 and sold in May 2022. It provided investors with a cumulative simple return of 364.4%, or 73.2% annually. This was a 37.4% IRR.
Gym before & after
strategic transformation
The clubhouse, office and fitness center remodel had the greatest impact on the community. Given the exceptional “bones” of this Mark Taylor-built property, the remodel was largely cosmetic.
The property’s unit renovation standard included solid surface counter tops, full tile backsplash, stainless steel appliances, smart thermostats, upgraded flooring, trim, fixtures, and more. The unit renovation, coupled with the common area renovations, turned the property into a Class A market leader.”
Unit kitchen before & after
