Western Wealth Completes 40th Acquisition in Phoenix
The Canadian firm expanded its Arizona portfolio with the acquisition of Sun Wood, a 220-unit age-restricted community in Peoria, Ariz.
Western Wealth Capital has acquired its 40th community in Phoenix from RK Properties. Sun Wood Apartment Homes, located in the suburb of Peoria, Ariz., is an age-restricted community which traded for $23.3 million. According to Yardi Matrix, the transaction was subject to a $16.3 million Freddie Mac loan. Over the past three years, WWC has heavily invested in the Phoenix market, becoming the second-largest multifamily owner-operator in the area.
The 220-unit Sun Wood is situated at 9415 N. 99th Ave. The community comprises 104 one-bedroom and 116 two-bedroom units, ranging from 684 to 991 square feet. Common-area amenities include a clubhouse, a swimming pool, spa, two laundry facilities and 270 parking spaces. The 1984-built Sun Wood maintains its original interior features, leaving plenty of room for new ownership to execute value-add programs.
Sun Wood is located on the western bank of the New River, near several other communities. The nearby Olive Avenue features plenty of retailers and restaurants, as does Northern Avenue. The Westgate Entertainment District is situated a few miles south of Sun Wood. Major thoroughfares nearby include Interstate 17, U.S. Route 60 and Loop 101.
“We remain bullish on Phoenix because the economic underpinnings of GDP, employment and population growth are still strongly evident. Owning to our disciplined approach and track record, we have strong industry relationships that continue to give us access to some of the best multifamily investment opportunities,” said Janet LePage, CEO of WWC, in a prepared statement.
Image courtesy of Western Wealth Capital