Canadian Investor Continues Expansion in Phoenix with $41M Purchase
- May 30, 2016
Phoenix—A four-property multifamily portfolio was acquired by Vancouver, Canada-based property investment firm Western Wealth Capital for $41.5 million, Marcus & Millichap announced. With the recent acquisition, the Canadian investor now owns 21 multifamily properties and 3,487 units in the Phoenix area.
“This portfolio has great geographic diversification throughout metropolitan Phoenix and tremendous operational scale,” said Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix. “These aspects, combined with the opportunity to enhance a significant portion of the unit interiors at each asset, will enable Western Wealth Capital to advance revenue while leveraging the exterior and common area improvements completed by the seller during their ownership tenure.”
Cliff David and Steve Gebing, a senior director of the firm’s Institutional Property Advisors (IPA) division, represented the seller and procured the buyer.
The Greater PHX IV Portfolio encompasses 748 units located in Phoenix and Mesa, Arizona. The properties are:
- Sandal Ridge, located at 645 N. Country Club Drive, was built in 1979 at the periphery of downtown Mesa and offers 196 units;
- Penny Lane, a 136-unit community built in 1985 and located at 544 E. Southern Ave. in Mesa;
- Las Vistas at Papago Park, a 200-unit community developed in 1982 at 1010 N. 48th in the Camelback East Village of Phoenix;
- Desert Wind, a 216-unit apartment community located at 4141 W. McDowell Road, which was built in two phases in 1987 in West Phoenix.
“Western Wealth Capital believes Phoenix is a strong real estate market with indications it will continue to remain healthy. With improved employment opportunities, affordable housing is a priority for tenants,” said Janet LePage, one of Western Wealth Capital’s founders. “We are bullish on the Valley and continue to seek more multifamily acquisitions.”