Western Wealth Acquires Phoenix Community for $21M
- May 26, 2020
Western Wealth Capital has acquired Desert Willow Apartments, a 280-unit community in Phoenix. A local private investor sold the property for $20.7 million, according to public records. ABI Multifamily negotiated the deal on behalf of the buyer.
The sale price consists of a $10.9 million down payment and a $9.8 million CMBS loan assumption. U.S. Bank provided the note in 2018. The mortgage carries a 4.7 percent fixed interest rate and matures in 2028. The asset last changed hands in 2015, when the current seller acquired it for $7.7 million, according to Yardi Matrix data.
Located on 9 acres at 2025 W. Indian School Road, the property encompasses 13 buildings completed in 1973 and renovated in 2012. The unit mix has studio, one- and two-bedroom floorplans. Amenities include laundry facilities, two pools, a gym and a playground. The community is proximate to Interstate 17 and 6 miles north of downtown Phoenix.
ABI Multifamily Senior Vice President Jack Hannum assisted the buyer in the transaction. In February, the company arranged the $38 million sale of Overlook at Pantano, a 444-unit community in Tucson, Ariz.