Moda Tempe

534-540 E Huntington Dr, Tempe, AZ 85282
Strategy: Value-Add
Status: Current
Purchase Price: $5,700,000
Acquisition Date: 02/24/2022
Units: 20
Renovation

Moda Tempe is a 20-unit apartment building off of Southern Ave, and just two miles south of Arizona State University—with great proximity to major employers such as State Farm, JP Morgan Chase, and Wells Fargo. The unit-mix consists of 20% one-bedroom/one-bathroom units, 80% two-bedroom/one-bathroom units.

Breneman Capital has budgeted roughly $400,000 in capital improvements to continue the proven in place value-add strategy and complete the property’s repositioning through enhanced curb appeal and upgraded amenities along with the full interior renovations. Interior renovations will bring existing classic and partially renovated units up to full scope (SS appliances, quartz countertops, vinyl flooring, updated cabinetry, and fixtures) and add in-unit washer/dryers to all units.

Moda Tempe stands to benefit even further through enhanced management and leasing as well as tailwinds from the strong fundamentals of the Phoenix housing market.