MIG Real Estate Buys Phoenix Community for $22M
- Feb 07, 2018
MIG Real Estate has acquired Trails at Harris, a 216-unit apartment community in Mesa, Ariz. Western Wealth Capital divested the asset, which held a price tag of $22.1 million. Berkadia originated a $14.6 million, 10-year, permanent Freddie Mac loan on behalf of MIG, for the acquisition of the apartment community.
Trails at Harris is located at 1653 S. Harris Drive. The property features immediate access to Superstition Freeway and to a dense commercial hub, with a variety of restaurants, a Walmart Supercenter, a movie theater, retailers and several parks. Sky Harbor International Airport is about 20 minutes away and the Tempe Campus of Arizona State University can be reached in 15 minutes.
The apartment community offers a mix of one- and two-bedroom floorplans with an average size of 766 square feet. Trails at Harris includes the following common amenities:
- Laundry facilities
- Business center
- Swimming pool
- Spa & hot tub
- Fitness center
- Full covered parking—537 spaces
WWC initially acquired the community in 2015 for $15.6 million. Following property upgrades, the company’s investors received an annualized return of more than 30 percent. According to the Canadian firm’s CEO, Janet LePage, the company acquires underperforming Class B and C properties in cities which present a robust growth profile and divests after a period of three to five years. Trails at Harris represents WWC’s 11th divestment to date. Western Wealth Capital is the second largest apartment owner in Phoenix by the number of units, with a current portfolio of more than 5,200 apartments.
Image courtesy of Western Wealth Capital