PHOENIX, Arizona – Cushman & Wakefield represented 4337 North 53rd Lane, LLC, an entity formed by CALCAP Advisors of Pasadena, Calif., in the sale of The Colony. WREF Colony, LP, an entity formed by Western Wealth Capital of North Vancouver B.C., Canada, purchased the property located at 4337 N. 53rd Lane in Phoenix for $25.1 million.
Executive Managing Director Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller. Crews stated, “Our Canadian buyer continues to add to their existing portfolio. They see continued investment upside with Phoenix multi-family fundamentals, including population growth and projected rent growth well above the national average.”
The Colony is a 236-unit, one and two-story, garden-style complex built in 1979. The property is composed of 41 buildings with a mix of both one and two-bedroom unit types, including 93 single-story casitas. The units feature large floor plans with walk-in closets and an average unit size of 825 square feet. “This property is well positioned for interior upgrades including washers/dryers, appliances, flooring and general updates,” Crews added.
Offering convenient access to the I-10 and I-17 freeways, The Colony is approximately three miles from Grand Canyon University. The property also offers residents easy access to multiple shopping, recreation and dining options including Walmart SuperCenter, Ross Dress for Less, Walgreens, CVS and Grand Canyon University Golf Course. In addition, the property is within walking distance to the Maryvale Community Center, YMCA, Palo Verde Library and the Maryvale Baseball Park.