Acacia Lofts is a Class-A apartment community located in the center of Casa Grande, Arizona. The property is situated southwest of Interstate-10 between East Cottonwood Lane and Florence Boulevard. Built in 2008, the property is made of wood frame construction with pitched tile roofs and is individually metered for electricity.
This attractive Tuscan-Style community features two Phases that includes 28 condo-mapped units and 152 individually platted parcels. The original developer spent over $9 Million to develop the project, including roads, curbs, gutters and storm water retentions, water stubs, sewer stubs, telephone, electric, fire hydrants, and exterior perimeter fencing/gating.
The unit mix is comprised of extremely large two and three-bedroom units that are very well designed and range in size from ±1,392 to ±1,883 square feet. Interior unit features include fully-equipped kitchens with full-size appliances and pantries, ceramic tile flooring, 9-foot ceilings and spacious walk-in closets. All units include large in-suite laundry rooms with full-size washer/dryer connections and direct access one or two-car garages.
The property is situated on approximately 15.04 total acres. The existing community is professionally landscaped with lush turf, mature shade trees and low water use shrubs. Community amenities include a large resort-style swimming pool and spa with outdoor shower, picnic/barbecue area, sand volleyball court, children’s playground, attractive leasing office, decorative stacked-stone gated entry.
Acacia Lofts offers a value-add opportunity by improving interior finish levels and turning lease expirations to market rates and the ability to complete the development in a growing submarket with limited competition and no new multi-family construction. In the second quarter of 2018, the submarket average rents averaged $0.98 while the average vacancy was 4.8%, significantly favorable to the metro Phoenix average. In addition, condo/townhome re-sales average nearly $50,000 per unit and $45 per square foot higher than the subject property.
