WWC Continues Phoenix Divestment Streak
- Mar 19, 2018
Western Wealth Capital, the second-largest multifamily owner in Phoenix, sold the 148-unit Arcadia Walk community for $16.8 million. The transaction marks the company’s 13th divestment to date. WWC acquired the property in 2016 for $13.6 million, with the help of a $10.7 million CMBS loan held by Bank of America.
Arcadia Walk is located at 2606 N. 44th St., equidistant from central Phoenix, Scottsdale and Tempe alike. The neighborhood surrounding Arcadia Walk is filled with retailers, pubs, restaurants, as well as several banks and hardware stores, all within walking distance and mostly concentrated along the Thomas Road corridor.
The community comprises four studios, 112 one-bedroom and 32 two-bedroom units, with a weighted average size of 640 square feet. Common area amenities at the pet-friendly property include a swimming pool, laundry facilities and 196 covered parking spaces. According to Yardi Matrix, the property is 93 percent occupied, and monthly rents average $826.
Western Wealth capital is currently busy expanding its Texas multifamily portfolio. Since 2011, the Canadian company acquired 40 such properties across the U.S. The assets typically go through a three- to five-year period in which accretive improvements are carried out, after which they are sold. ROI from the Arcadia Walk transaction is projected at approximately 18 percent over the 20-month term.
Image courtesy of Western Wealth Capital