Western Wealth Capital Acquires $76M Phoenix Asset
The community’s price has increased fivefold since it last traded.
Western Wealth Capital has bought The Halifax, a 300-unit property in Phoenix, for $76 million. Jevan Capital is the former owner of the 1974-built asset.
The community comprises one- to three-bedroom units ranging from 600 square feet to 1,100 square feet, Yardi Matrix data shows. The property underwent substantial renovations between 2018 and 2021, IPA’s Executive Managing Director Cliff David said in a prepared statement. The seller upgraded the property’s interiors and added new amenities, including a pool, spa, leasing office, fitness center and dog park.
Located at 1350 E. Northern Ave., The Halifax is some 3 miles west of the Phoenix Mountains Preserve and 1 mile west of the Piestewa Freeway, providing easy access to downtown Phoenix. Several dining, entertainment and retail options are within a 4-mile radius of the property, including the Biltmore Fashion Park, Camelback Colonnade and Village Market.
The community last changed hands in late 2017, when it traded for $15 million, one-fifth of the current price, according to Yardi Matrix. Now, David and Steve Gebing, executive managing director at Institutional Property Advisors, represented the seller and procured the buyer.
Thanks to steady demographic and economic growth, the Phoenix multifamily market continues to be a top performer in the nation, creating strong opportunities for investors.