Western Wealth Bullish on Phoenix, Adds 146 More Units
The Canadian firm has added another asset to its Phoenix portfolio. Connect on Union is situated near Loop 101 and was 95.9 percent occupied as of June 2018.
Connect on Union
Western Wealth Capital continues its Phoenix multifamily investment streak. The company has acquired Connect on Union, a 146-unit community, for $16.5 million.
Lee & Associates Arizona brokered the transaction on behalf of the seller, Union Hills Equity LLC, an entity controlled by Bean Investment Real Estate. A team of Berkadia brokers represented WWC in the sale. According to Yardi Matrix, the transaction was subject to an $11.5 million Freddie Mac loan, originated by Walker & Dunlop.
Connect on Union is located at 2311 E. Union Hills Drive, in the northern part of metro Phoenix. The community comprises 10 studios, 40 one-bedroom and 96 two-bedroom units, ranging from 400 to 970 square feet. According to data provider Yardi Matrix, Connect on Union was 95.9 percent occupied as of June and had an average monthly rent of $870 in 2017. The five-building, two-story property includes common-area amenities such as:
- playground
- two swimming pools
- spa
- laundry facilities
- 215 parking spaces
Close to major employers
The community is close to several shopping and dining destinations, both on Union Hills Drive and along East Bell Road. Residents also have access to large area employers such as Paradise Valley Community College, American Express, Mayo Clinic and Deer Valley Airport. Major thoroughfares nearby include Loop 101 and State Route 51.
“Of the offers received, the seller selected the Western Wealth Capital offer because they have a very strong reputation as being a buying entity that is a proven performer and has arguably been the largest buyer of non-institutional grade multifamily properties in Arizona during the last two years,” said Todd Braun, principal at Lee & Associates Arizona, in a prepared statement.
Image courtesy of Lee & Associates Arizona
