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815 E Roma AvePhoenix, AZ 85014
Roma Meadows Homes
Asset ClassMultifamily
# Units21
Year Built: 2024Square Feet: 29,589Land: 1.58 AcresAccess Data Room
New Construction, Detached, Luxury-Built, Build-to-Rent Community
overview of deal

Overview

Roma Meadows Homes is a 21-home, new construction, detached, luxury-built, Build-to-Rent community located in the vibrant Midtown submarket of Phoenix, AZ. Phoenix continues to experience unprecedented job growth and major economic developments in the area, which are fueling robust demand for multifamily

 

housing in the market. Midtown is a thriving area hosting several local eateries, nightlife, art galleries, museums, and eclectic shops, while nestled within a couple miles of Downtown Phoenix’s employment center, making it the ultimate live-work-play neighborhood. The bustling suburban region is perfectly positioned between Phoenix’s largest employment centers including Downtown, the Biltmore, the Camelback employment corridor, Arcadia, 7th Street, and the I-10 industrial district.

 

Roma Meadows is a unique Build-to-Rent investment opportunity featuring spacious two-story, three-bedroom, two and a half-bath homes averaging 1,409 square feet with attached one-car garages, private balconies, and enclosed backyards.

 

The homes feature state-of-the-art interior finishes with open concept floorplans, stainless steel appliances, quartz countertops, modern cabinetry, pull down goose neck faucets in the kitchens, spacious pantries, luxury wood- style flooring throughout, walk-in closets, full size washers and dryers, recessed lighting, energy efficient windows and HVAC’s, smart home technology and camera systems, and EV charging ports in each home. The community also boasts multiple courtyards, dog parks, a shaded barbecue pavilion, and large event lawn.

 

Build-to-Rent communities offers investors the efficiency of renting like a traditional multifamily asset, while providing residents the benefits of a lower density, single-family home lifestyle. The Build-to-Rent product type continues to outperform conventional multifamily apartments due to unrivaled functionality for residents that surpasses traditional multifamily living. Higher consumer interest translates into higher rents and occupancy rates as well as lower capital and operating costs than traditional multifamily.

 

For more information on Roma Meadows visit RomaMeadowsHomes.com.

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Investment Highlights

  • 21-home, new construction, stabilized, Build-to-Rent opportunity situated in the vibrant Midtown submarket of Phoenix, AZ
  • Spacious detached three-bedroom, two and a half bath, contemporary farmhouse-inspired homes featuring attached one-car garages, elongated driveways for additional resident parking, private enclosed backyards, and second-story roof top balconies
  • High-end Condo-Quality Interior Unit Finishes for the Modern-Day Renter: The thoughtfully designed homes feature quartz countertops, wood style flooring throughout, stainless steel appliances, shaker cabinets, walk-in pantries, recessed lighting, energy efficient windows & HVAC, and full-size washer & dryers
  • Advanced Smart Home Technology Package including front door cameras, rear door camera, garage door remotes, and front door locks
  • Generating Optimal Ancillary Income: base rents at the community are $2,625/month, while the property is also capturing income from other monthly tenant fees including RUBS which is $145/unit/month, Technology Package which is $40/unit/month, and Rear Landscaping which is $35/unit/month
  • Positioned for Organic Rent Growth: Roma Meadows will benefit from rent increases upon lease renewals, burn off of lease-up concessions, and the community’s three-bedroom rents are currently ±$182 below submarket competitors, validating that rents can be pushed further
  • Strong Submarket Dynamics: average household income within a 5 mile radius of Roma Meadows is nearly ±$95,000 and it is situated in a densely populated area with over 320,000 jobs, fueling the demand for luxury rental housing in the submarket
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815 E Roma AvePhoenix, AZ 85014

Contacts

Jesse HudsonRegional Managing Director(602) 952-4042jhudson@northmarq.com
Chris MichlAssociate Vice President(602) 952-4051cmichl@northmarq.com
Logan BacaSenior Associate(602) 952-4052lbaca@northmarq.com
Brandon HarringtonManaging Director(602) 508-2204bwharrington@northmarq.com
Bryan MummawManaging Director(602) 508-2201bmummaw@northmarq.com
Brad BurnsSenior Vice President - HUD(602) 952-4058bburns@northmarq.com
Christopher GitibinSenior Vice President(602) 508-2211cgitibin@northmarq.com
Tyler WoodardVice President(602) 508-2216twoodard@northmarq.com
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Listing provided by Revere CRE