Western Wealth Capital Acquires Phoenix Community
- Apr 25, 2019
Western Wealth Capital has received $21 million in financing to acquire Serafina at South Mountain Apartments, a 183-unit apartment community in Phoenix.
HFF arranged a five-year, interest-only, floating-rate loan for the buyer. The loan includes a future-funding component to assist the borrower with its capital expenditure program. Furthermore, the financing comes on the heels of six acquisition loans arranged on the borrower’s behalf over the past 12 months. At the time of the deal, the property was 99 percent leased.
Serafina at South Mountain Apartments offers one- and two-bedroom units, all with fully equipped kitchens, personal balconies or patios and air conditioning.
Located at 11025 S. 51st St., east of the picturesque South Mountain Park and Preserve, and within the Ahwatukee residential area, the property is in the middle of the Phoenix-Tempe-Scottsdale area. It’s close to downtown Phoenix and nearby plenty of retail and dining options.
According to Yardi Matrix, Phoenix is one of the top U.S. markets when it comes to multifamily rent growth. Thanks to a diverse economy and a highly skilled talent pool, the city has risen to become a top tech market, which has driven it to become one of the most active economies in the U.S.
The Yardi Matrix data revealed that more than 8,000 new units came on line in 2018, yet rent growth for Phoenix housing more than doubled the national rate, reaching 7.2 percent year-over-year through March.
HFF’s Managing Director Josh Simon, Senior Director Brad Miner and Associate Tim Brousse worked on behalf of the borrower.
In November, Western Wealth Capital entered the Atlanta multifamily market for the first time with its $22.3 million acquisition of the 200-unit Bridgewater at Mount Zion Apartments.