Phoenix-Area Community Changes Hands for $19M
Real estate private equity firm WhiteHaven Capital acquired Ridgepoint Apartments, a 164-unit property in Glendale, Ariz. The six-building asset was built in 1986.
WhiteHaven Capital has acquired Ridgepoint Apartments, a 164-unit community in the growing Phoenix suburb of Glendale, Ariz. The real estate private equity investment firm picked up the asset from Emma Capital for $19.2 million, according to Yardi Matrix data.
Built in 1986, the property at 5020 W. Peoria Ave. has changed hands numerous times and is roughly 92 percent occupied. The 16-building community offers a mix of one- and two-bedroom apartments with an average size of 715 square feet and an average rent per unit of $951, according to the data.
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WhiteHaven Capital plans to work with property management firm Shelton Residential to renovate and rebrand the community, adding new amenities that the company says are not currently available in the submarket. The site is located about 9 miles northwest of downtown Phoenix.
The deal marks WhiteHaven Capital’s third acquisition in the Phoenix metro area in the past year, as the company targets a portfolio of about 1,000 units in the market by 2020. The investment firm picked up South Mountain Square, a 117-unit community at 1630 East Baseline Road in Phoenix, for $10.8 million in February.
That acquisition followed the purchase of Silver Tree, a 98-unit community at 4336 N. 35th Ave., for $8.2 million in August 2018. WhiteHaven Capital specializes in acquiring underperforming, Class B and C properties that need renovations.