South Mountain Townhomes & Apartments Sold for $90 Million


Cushman & Wakefield Negotiates Sale to Canadian Investor

PHOENIX, Arizona – Cushman & Wakefield completed the sale of the Carlyle at South Mountain Townhomes & Apartments, located at 5151 E. Guadalupe Road and 5102 E. Piedmont Road in Phoenix. Two entities formed by Western Wealth Capital of North Vancouver, British Columbia, Canada purchased the property from entities formed by San Francisco-based FPA Multifamily for $90 million ($163,043 per unit).

Executive Managing Directors Steven Nicoluzakis and David Fogler of Cushman & Wakefield brokered the transaction.

The Carlyle at South Mountain is a 552-unit community located on the Interstate 10 freeway between Guadalupe and Elliot in Phoenix.  The property’s location provides golf course frontage along the Arizona Grand Golf Course, and is adjacent to the South Mountain Park & Preserve.

The Carlyle offers one, two, and three bedroom floor plan options averaging over 1,000 square feet.  Built in 1995, unit interiors include washer/dryer, fireplaces, vaulted ceilings, private balcony/patio and garages in select units. The property’s common area amenities includes two fitness centers, two clubhouses, 4 swimming pools and 3 spas.

“The Carlyle was a great opportunity for Western Wealth Capital to expand their footprint in the Phoenix market with a large – high quality property, as well as continue the successful repositioning of the asset that FPA had begun,” said Steven Nicoluzakis.