830 N Alma School Rd, Mesa, AZ, 85201-3869, US

The Rio

Asset description

JLL is pleased to present The Rio, a 44-unit garden-style apartment community in the rapidly growing Mesa submarket. Built in 1986, the Property is made of wood-frame construction with pitched composite tile roofs and is individually metered for electricity. The Rio sits on 1.79-acres of well-manicured landscaping with mature shade trees throughout the Property.

The two-story community offers one and two bedroom floor plans that are extremely spacious and well-designed. Current ownership has upgraded approximately 61% of the units with platinum-level finishes featuring vinyl plank flooring, quartz countertops, stainless-steel appliances, brushed-nickel hardware, decorative tile backsplash, upgraded bathroom hardware, and modern floor-to-ceiling shower tile.

In addition to the recent remodel, all units have in-suite washers and dryers. With 39% of units able to be upgraded to platinum-level finishes alongside the exterior landscaping and community amenities recently enhanced by current ownership, The Rio will provide the unique opportunity for a new owner to significantly increase revenue by completing the renovation program.

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Attributes

Asking price

₱676,603,000

Units

Year built

1986

Year renovated

2023

Building area net

3,400 sm

Land area net

0.72 ha

Media

Investment highlights

Premier Mesa Location with Extremely High Barriers to Entry
1986 Construction
High Visibility Community with Traffic Counts of +- 31,000 Vehicles per Day
Extremely Strong Submarket Fundamentals
Majority Two Bedroom, Two Bathroom Floorplans
Proximity to Novus Innovation Corridor, Mill Avenue, Boutique Retail, Independent Restaurants, Employment Drivers, and Loop 202
100% of Units Have In-Suite Washers and Dryers