PHOENIX—Thomas Bradford Communities has acquired Newport Mesa Apartments at 1620 W. Southern Ave. in Mesa's Fiesta District and is launching an urban repositioning campaign that will bring a fresh, updated feel to the 156-unit property, which has been renamed Urban Trails @ The District.
Thomas Bradford Communities principal Mitchell Bradford tells GlobeSt.com about the key factors for purchasing the asset: “There is tremendous visibility, great location and frontage surrounded by retail. We also have the ability to reposition this property and give it a more active, urban feel. And we love being near a Starbucks. They really do their research and it's attractive for walkability—it's a commentary on a great opportunity for residents.
“With its urban location near Starbucks, Pita Jungle and other trend-setting retailers, this property will attract everyone from millennials to empty nesters seeking a walkable environment on the urban trails,” adds Bradford. “With WiFi and cable music in and around the lounge, business center and the resort-style pool and spa, the atmosphere will be significantly enhanced.”
The community, built in 1974, is comprised of eight two-story buildings on 5.51 acres. In addition to upgrading the amenities, Thomas Bradford Communities will initially make renovations to apartments as they vacate that will include upgrades to lighting, plumbing and flooring, along with adding accent paints and other upgrades to fit with the eclectic theme.
Urban Trails @ The District is directly east of Phoenix Rising Investments' Centrica project, a 140,000-square-foot adaptive reuse conversion that is transforming a closed shopping center into a vibrant class A office campus. In addition, the city of Mesa recently completed an $11 million capital improvement along Southern Avenue to enhance the Fiesta District retail area. These improvements include an upgraded street scene with wider boulevards on west Southern Avenue, and a pedestrian trail with enhanced landscaping and lighting.
“Kudos to Mesa for its effort in revitalizing and modernizing the city,” says Bradford.
The City of Mesa is the third largest city in the Phoenix Metro area. Urban Trails is adjacent to popular retailers and major employers such as Banner Health and Mesa Community College. The community is also minutes from Arizona State University and Scottsdale.
Steve Nicoluzakis and David Fogler with DTZ were the brokers representing the seller.
Bradford and Peter H. Thomas launched Thomas Bradford Communities earlier this year with plans to acquire $100 million worth of residential assets in the next 24 to 36 months. They're focusing on repositioning existing multifamily communities ranging from 50 to 400 units in desirable locations in Arizona, Southern California and Nevada.
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