SARES•REGIS Multifamily Value-Add Fund II, L.P. (SRMF VA-II) is pleased to announce it has acquired Allegro at Foothills Gateway, a 264-unit Class B apartment community built in 1996. Residents within the community enjoy an array of amenities including two swimming pools featuring spa, poolside ramadas and barbeques, a clubhouse, fitness center, business center, and picnic areas.
Allegro at Foothills Gateway, with excellent visibility along Chandler Blvd., is within the preferred Ahwatukee submarket of Phoenix. The Southeast Valley’s preeminent employment corridors are within a ten-minute drive and account for approximately 160,000 jobs. To the north, major employers in the Interstate-10 corridor include Honeywell (5,000 jobs), Insight Enterprises (1,500 jobs), and Coca-Cola Bottling (1,000 jobs). Directly east, the Price Road Corridor, Arizona’s largest high-tech employment corridor is home to major blue chip companies including Intel (11,400 jobs), Wells Fargo (expanding to 12,000 jobs), Bank of America (3,900 jobs), and Freescale Semiconductor (3,000 jobs).
Unit amenities include private patios and balconies with storage, central heat and air, full-size washers and dryers, crown molding, and walk-in closets. Select units include attached garages, double vanities, roman tubs, French doors, built-in computer desk and shelving, and fireplaces.
Previous ownership has focused on deferred maintenance and had tested enhancements on a few select unit interiors. SRMF VA-II plans on expanding this renovation program to increase property revenues and allow Allegro to be a top choice for renters in this this submarket.