Investment Overview

Stationed just east of the Grand Avenue and Bell Road intersection, Jovial (“the property”) is a 34-unit multifamily community with a unit mix consisting of 100% two-bedroom townhome-style units. The asset’s direct exposure to Grand Avenue provides excellent visibility from one of the staple roadways running through the Northwest Valley Submarket. The property also benefits from the accessibility to two major thoroughfares, the Loop 303 and Loop 101, allowing for manageable commute times to major employment corridors around The Valley, including, Loop 303 Corridor, Bell Road Corridor, and South Peoria Corridor boasting ±30,000 employees and ±1000 businesses. The Northwest Valley is transforming into a HUB for economic development, evidenced by the growing influence and prominence of these employment corridors. In addition, the TSMC Campus, representing Arizona’s largest foreign direct investment in the state’s history, has been a primary catalyst to the Northwest Valley’s boom. TSMC’s Campus impact is expected to total $40B in capital investment, add ±24,000 new jobs and 40 new companies relating to the Advanced Manufacturing sector coming to the surrounding area as a direct result of this monumental project. Built in 1987, Jovial offers 34 two-bedroom townhome-sytle units covering 920 square feet - each complete with private patios and in-suite laundry. Of the 34 total units, 29 have received full interior renovations. Future ownership will have the opportunity to upgrade the interior of the five classic units to capitalize on the associated rental premium already proven out at the property.