304-UNIT APARTMENT COMMUNITY
1666 S. Extension Road, Mesa, AZ 85210
Verona Park is a rare opportunity to acquire a true value-add asset - $9M upside potential by completing renovations on 279 Classic Unit interiors. Verona Park is a stable asset positioned for growth. Built in 1981, the 304-unit, 2-story, low-density, garden-style community features a very tranquil atmosphere with a resort-style amenity package that includes clubhouse (newly renovated), 2 pools, 24-hour fitness center, soccer court, dog park and beautiful landscape. The property is located in Phoenix’s dynamic East Valley that 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 to 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”). City of Mesa is adding 1.9 miles of light rail on Mesa’s Main St. from Mesa Drive to Gilbert Road, just 3.7 miles from Verona Park.
279 units remain to be upgraded as well as common area amenities
$9M+ in upside opportunity just by completing the current interior renovation scope. Current renovation scope is achieving rent premiums up to $150/month. Rent comps are achieving monthly premiums of $200+ for their renovation program.
25 Units received the below renovation scope
Refaced cabinets with new hardware
Updated lighting and plumbing fixtures
Modern faux wood flooring
Resurfaced formica countertops
3-tone paint of dark grey, light grey, and white trim
Faux wood blinds
New outlet covers with USB plugs