Project Highlight: AVA Park
As a boutique real estate investment firm, The Barone Group specializes in multi-housing projects, particularly in the acquisition, capitalization, renovation, and successful dispositions of multi-family assets. Our hospitality-based approach allows us to transform these multi-family units into true communities that are highly sought after.
One of our newer projects, AVA Park, is a luxury condominium community located at 3426 North 32nd Street in Phoenix, Arizona. The Barone Group initially acquired the community as a two-property portfolio: the 1973 vintage, 73-unit, Arcadia Park Apartments, and the 1980s-vintage, 50-unit Hermosa Apartments.
The community is ideally located within the prestigious Arcadia neighborhood of Phoenix, just south of the Arcadia / Indian School redevelopment corridor, and home to multiple shopping centers, numerous restaurants, bars, and entertainment venues. With six unique floor plans, the community features a variety of studios, one-, and two bedroom-apartments.
The Barone Group acquired both properties in 2018 and immediately began a series of high-end upgrades.
Property Acquisition & Luxury Upgrades
After acquiring the property, our multi-family housing team implemented upgrades throughout the community. All of the units were completely upgraded and fully renovated, including new flooring, new stainless steel appliances, new paint, and more.
Because our team has years of experience in all aspects of business relating to acquisitions, we were able to transform the community into a highly desirable resort-style apartment complex. The exterior was completely rehabbed, and the landscaping, pool area, and clubhouse were upgraded with several new additions and a refreshed, clean look. Other existing amenities include several barbecue areas, a center courtyard, laundry facility, gated access, and covered parking.
Whether it’s repositioning assets, analyzing capital structure strategies, or developing real estate, we bring it all together in a synergistic approach at The Barone Group. We take the time to identify feasible strategies that exploit current and future opportunities, successfully maneuver through rapidly changing markets, and hedge risks to realize the greatest possible value from our multi-family housing interests.
For more information on The Barone Group’s other recent acquisitions and projects, visit our Portfolio.