Westmount Realty Capital Enters Arizona Market
- Oct 18, 2019
Westmount Realty Capital has expanded its portfolio with the acquisition of Nine 4 Nine at the District, a 154-unit Class B property in Mesa, Ariz. Prospect Ridge sold the asset for $23.2 million. The transaction was subject to a $17.6 million Fannie Mae loan provided by Greystone, according to public records. The deal marks Westmount’s first acquisition outside of Texas. The firm will rebrand the community as Westmount at the District.
Located at 949 South Longmore, the property occupies more than 6 acres just off Freeway 60, which provides easy access to downtown Phoenix and the Phoenix Sky Harbor International Airport. Nearby employment centers include Banner Desert Medical Center, Santander Consumer USA and Mesa Community College, to name a few.
Built in 1979, the community houses a mix of one- and two-bedroom units averaging 867 square feet. The buyer plans to upgrade the buildings by renovating the units and implementing smart home features. Apartments will receive improvements such as resurfaced counters, stainless steel appliances, refaced cabinets, smart thermostats and smart locks.
Property amenities currently include two swimming pools, an attached clubhouse, fitness center and outdoor grilling stations. In addition to these, Westmount will install a package locker system and will implement a new valet trash program.