Western Wealth Buys Phoenix Apartments for $17M

Amber Gardens, a 164-unit apartment community in Tempe, Ariz., marks the company's 24th acquisition in metro Phoenix.
625 1st Street Tempe, Ariz.

625 1st Street Tempe, Ariz.

by Evelina Croitoru

PhoenixWestern Wealth Capital, a Canada-based multi-unit rental property investment firm, has announced the acquisition of Amber Gardens, a 164-unit apartment community in Tempe, Ariz. The company purchased the asset from San Diego-based United Development Group at a price tag of $17 million, which equates to $130,000 per unit.

Located at 625 1st St., the property features two swimming pools, 282 parking stalls and stand-alone rental office space. The building is in close proximity to Arizona State University’s main campus and Tempe’s Mill Ave. “Amber Gardens’ proximity to Arizona State University and Tempe’s optimistic job growth, especially in the technology sector, makes this acquisition a big win for Western Wealth Capital,” Janet LePage, founder of Western Wealth Capital, said in a prepared statement.

Carrick Sears and Chip Kloppenburg with SVN Desert Commercial Advisors represented the buyer in the transaction. The purchase marks Western Wealth Capital’s 24th acquisition in the Phoenix area, bringing the company’s portfolio in the metro to roughly 4,000 units.

Image Courtesy of Western Wealth Capital