Western Wealth Capital has sold Scottsdale Haciendas, one of its metro Phoenix communities, for $11.6 million to a private investor. According to Yardi Matrix, the transaction was subject to a $6.5 million loan, held and originated by UBS. WWC had acquired the property in 2014, adding to its sizeable Phoenix portfolio.
Scottsdale Haciendas is located at 985 N. Granite Reef Road in Scottsdale, Ariz., and comprises two-bedroom units offering 855-square-foot and 1,145-square-foot floorplans. The larger units have two and a half bathrooms, while the smaller ones have two. Amenities include washer and dryer connections, microwave ovens and monitored security. The common area features two swimming pools, a spa, barbecue area and 273 parking spaces.
The property is about 1 mile from McDowell Road, where dozens of restaurants and retailers are located. The community is also close to employment opportunities, including large companies such as General Dynamics. Several casinos, parks, a botanical garden, a zoo and other recreational destinations are to be found within a 3-mile radius of Scottsdale Haciendas. Nearby major thoroughfares include loops 101 and 202.
The property has a total of 180 units, of which 101 are condos. Western Wealth Capital had acquired the tradeable 76-unit portion of Scottsdale Haciendas in a $9.1 million value-add deal back in 2014, which involved a complete renovation program.
ABI Multifamily represented both parties in the 2018 transaction. “The North Tempe/South Scottsdale submarkets have been the beneficiary of some major capital development and infrastructure projects recently. Combined with the some 10,000+ new jobs that have been announced over the last several years, the buyer jumped on the opportunity,” said Nathan Bruer, vice president of ABI, in a prepared statement.
Image courtesy of ABI Multifamily