Western Wealth Snags Phoenix Community
The company paid $13.4 million to acquire Tierra Santa, a 274-unit property at 4620 W. McDowell Road. ARA Newmark brokered the transaction, which was subject to a $10 million loan originated by Walker and Dunlop.
By Evelina Croitoru
Vancouver, Canada-based Western Wealth Capital has acquired Tierra Santa, a multifamily asset in Phoenix, for $13.4 million. According to Yardi Matrix, the transaction was subject to a 7-year, $10 million loan originated by Walker and Dunlop. ARA Newmark brokered the deal.
Located at 4620 W. McDowell Road, the 274-unit property features a mix of one- and two-bedroom floor plans ranging in size from 485 to 761 square feet, as well as 400-square-foot studios. Community amenities include a fitness center, a clubhouse, a volleyball court, a playground, two swimming pools with spa, three laundry facilities and 394 parking stalls. At the time of the deal, the property, built in 1985, was 95 percent leased.
According to Janet LePage, the company’s CEO, the firm is expanding to Phoenix due to the area’s highly prospective rental market, boosted by a robust population and employment growth. WWC has focused on purchasing undervalued residential rental assets and has allocated capital and optimized operations to improve property performance and valuation. “By being disciplined with our acquisition and operations strategy, we’ve been able to scale up significantly for the benefit of our investors and residents. We remain bullish on Phoenix owing to the region’s strong business climate. Our pipeline for future acquisitions that meet our criteria remains very strong,” LePage added in prepared remarks.
The acquisition of Tierra Santa marks the company’s fifth purchase in 2017. Since its inception, WWC has invested more than $350 million in multifamily properties in Phoenix, and currently ranks as the third-largest residential owner in the area.
Images courtesy of Yardi Matrix, GoogleMaps
