Western Wealth Capital Grows AZ Portfolio with $23M Purchase
The investment company financed the acquisition of the 198-unit Artisan Park in Glendale with a $15.1 million Fannie Mae loan.
After recently acquiring the 183-unit Serafina at South Mountain in Phoenix, Western Wealth Capital has spent $22.6 million for the 198-unit Artisan Park in Glendale, Ariz. JLL facilitated a $15.1 million Fannie Mae loan for the new owner. The asset previously changed hands in 2014, when California Capital Real Estate Advisors purchased the lender REO property for $9 million from Fannie Mae, according to Yardi Matrix data.
Located at 9350 N. 67th Ave. in a dense residential area and adjacent to a 77,000-square-foot self storage facility, the property is within walking distance of Glendale Community College. With quick access to the Phoenix-Wickenburg Highway, the asset is 23 miles northwest of downtown Phoenix.
Completed in 1984, the 13 two-story buildings spread across a 9.8-acre site. The community consists of one- and two-bedroom apartments, with floorplans between 600 and 970 square feet. Common-area amenities include a picnic area with barbecue, two swimming pools and a playground. As of April, the property was 98.5 percent occupied, per Yardi Matrix.