The Grove Deer Valley, Phoenix, Arizona, was acquired by RedHill in 2019. It is a 208 unit, middle-market workforce housing community with immediate access to the established 1-17 interstate known as the Deer Valley Employment Corridor.
Deer Valley is comprised of more than an estimated 500 employers and 185,000 employees within a ten-minute drive. The corridor encompasses 38 million square feet of office, industrial, and flex space, and home to nationally recognized companies such as American Express, USAA, Discover Financial Services, Honeywell Aerospace, Blue Cross Blue Shield of Arizona, and Wells Fargo..
Replacement cost for podium product in the submarket is estimated at $160,000 per unit. With an anticipated purchase price of approximately $120,192 per unit, RedHill acquired the asset at a 25% discount to replacement cost.
More than 185,00 employees within a 5 mile ring of the Grove, and major employing companies with less than 3.8% unemployment. Immigration into Phoenix at a nearly 1% increase annually and numerous business relocation into an increasingly diverse economy.
Economic drivers for significant growth to the submarket included to name a few, Phoenix Medical Center, HonorHealth Deer Valley Medical Center, Banner Thunderbird Medical Center, Abrazo Arrowhead Campus, access to Arizona State University, and excellent access to major retail employers.
Creating an environment, resort like and comfortable — to relax and enjoy with friends and family.
Improved resort style pool area with barbeque and outdoor poolside social center.
Demonstration kitchen in the clubhouse is perfect for private parties or residents to drop in for a cup of coffee and use the community Wi-Fi.
The new exterior paint colors create a cleaner and more contemporary feeling throughout the property.
Our newly renovated kitchens feature glass backslash, new design formica counters, wood like plank flooring, newly refinished cabinets and new cabinet hardware, new stainless steel appliance and two-tone paint scheme.
