Phoenix—Vancouver, Canada-based Western Wealth Capital recently completed two multifamily acquisitions in the Phoenix MSA. The multi-unit rental property investment firm paid a total of $35 million for Arbors on 5th in Tempe and Arcadia Walk in Phoenix. Both transactions were handled by Colliers International‘s representatives in Greater Phoenix.
Located at 805 W. Brown St. in Tempe, Arbors on 5th consists of 197 residential units, offering proximity to Arizona State University and the light rail. Acquired for a per-unit price of $108,000, the community offers a unit mix of 72 percent two-bedroom apartments, 18 percent one-bedroom apartments, and 10 percent studio units. The seller, San Francisco-based Hamilton Zanze, received $21.3 million for the asset.
Arcadia Walk is located at 2606 N. 44th St. in Phoenix and offers 148 residential units. With a unit mix consisting of studios, and one- and two-bedroom apartments, the property changed hands for $13.6 million. The seller was SUP 44th Street 148 LLC, a Pacific Palisades, Calif.-based entity.
Western Wealth Capital founder Janet LePage noted that the market continues to offer opportunities for growth. LePage also mentioned that the company continues to be bullish on the market as it looks for further investment opportunities in metro Phoenix.
Image courtesy of Western Wealth Capital