Western Wealth Capital, a Vancouver, Canada-based multi-unit rental property investment firm, recently purchased the 197-unit Arbors on 5th in Tempe for $21.3 million ($108,000 per unit) and the 148-unit Arcadia Walk in Phoenix for $13.66 million ($92,000 per unit).
After closing on these back-to-back multifamily deals in two days, Western Wealth Capital now owns 23 properties and 3,834 units in the Phoenix area. The firm is the 3rd largest multifamily property owner in Phoenix in terms of number of properties and the 8th largest multifamily property owner in terms of units, according to Yardi Matrix.
“The Phoenix multifamily market continues to provide extensive opportunities,” said Janet LePage, founder of Western Wealth Capital. “By applying our unique value add strategy and an understanding of the fundamentals of the market, Western Wealth Capital has been able to locate the strongest investments in the Phoenix area. We continue to be bullish in our acquisitions.”
Arbors on 5th , at 805 W. Brown St. in Tempe, is located near Arizona State University and the light rail. Built in 1967, the townhouse-style complex has a unit mix of 72 percent two-bedroom, 18 percent one-bedroom, and 10 percent studio. Western Wealth Capital purchased Arbors on 5th from Hamilton Zanze of San Francisco. The Cooke Multifamily Investment team (Cindy Cooke and Brad Cooke) of Colliers International in Greater Phoenix brokered the transaction for both sides.
Arcadia Walk, at 2606 N. 44th St. in Phoenix, is located in the desirable Arcadia area and near the Arcadia Crossing shopping center. Built in 1978, the apartment complex has a unit mix of 76 percent one-bedroom, 22 percent two-bedroom and 2 percent studio. Western Wealth Capital purchased Arcadia Walk from SUP 44th Street 148 LLC, based in Pacific Palisades, Calif. The HSK Multifamily team (Bill Hahn, Jeffrey Sherman and Trevor Koskovich) of Colliers International in Greater Phoenix brokered the transaction for both sides.