Western Wealth Capital Buys Phoenix-Area Community
The property last traded in 2021 for $73 million.
Villetta Apartment Homes
Western Wealth Capital has acquired Villetta Apartment Homes, a 352-unit community in Mesa, Ariz. According to Yardi Matrix data, the asset previously changed hands in 2021, when Kohlberg Kravis Roberts & Co. had purchased it from LivCor for $73 million.
Built in 1983 and spanning across 20 buildings, the two-story community comprises studio, one- and two-bedroom apartments averaging 746 square feet. Common-area amenities include a swimming pool, a clubhouse, a basketball and tennis court, a spa, a playground and four laundry facilities. WWC will renovate and enhance the property, said Executive Vice President Doug Mather in prepared remarks.
Located at 1840 W. Emelita Ave., the 13.5-acre property is less than 6 miles from downtown Tempe and 16 miles from Phoenix. Mesa Community College is only 1 mile away. The community is near entertainment venues such as Golfland Sunsplash and Mesa Amphitheatre. Dining and retail options are available in the immediate area, along West Southern Avenue.
Villetta Apartment Homes represents WWC’s 15th purchase in Mesa and its 79th acquisition in the Phoenix market. Last year, the company acquired a 300-unit community in Phoenix and a 265-unit property in Mesa.
