Virtú Investments Acquires La Costa at Dobson Ranch in Mesa, AZ
Mar 14, 2016
*Mesa, AZ*— La Costa at Dobson Ranch presents an excellent opportunity to acquire a 194-unit, class B apartment property located on a golf course within a low-supply submarket of Phoenix, AZ. The property’s location in West Mesa, between Tempe and Chandler, is central to Phoenix’s largest employment centers. La Costa at Dobson Ranch was well constructed in 1979 and was partially renovated in 2007 during an attempted condominium conversion.
In addition to bringing management expertise to optimize leasing, Virtú will execute a significant value-add renovation within the property’s common areas and units. In doing so, we will cure all deferred maintenance, significantly transform the leasing center and common area amenities, and continue unit renovations.
Virtú will also install a water-conservation landscaping program and re-purpose a laundry facility as a fitness center for the tenants. Strengthening these areas will create a solid physical plant. The value-add upside potential, along with recent leases coming in at 5% over in-place leases, offers significant revenue upside potential at La Costa. This strength is expected to continue as there has been no supply in the submarket for over two decades, and no new apartment developments are currently on the horizon.
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